Shalimar Paints Approves Preferential Issue, Capital Increase

Shalimar Paints Ltd's Board of Directors has approved a significant preferential issue and capital restructuring. The company plans to raise funds through the issuance of Equity Shares and Compulsorily Convertible Preference Shares (CCPS) to both promoters and non-promoters. Additionally, the authorized share capital will be increased substantially, and the company will issue CCPS. The board also approved the appointment of a new CFO, the consideration of financial results, and a potential investment in Hella Infra Market Limited, which may lead to its becoming an unlisted material subsidiary. The company also approved a Qualified Institutions Placement (QIP) and discussed a potential unification with Hella Infra Market Limited.