Neogen Chemicals Limited Issues Corrigendum to Extraordinary General Meeting Notice
Neogen Chemicals Limited announced a corrigendum to the notice of its Extraordinary General Meeting (EGM), scheduled for Sunday, March 29, 2026, at 11:30 a.m. IST via video conferencing. The notice, originally sent on March 7, 2026, was updated following requests from the National Stock Exchange of India Limited (NSE) and BSE Limited for clarifications and additional information regarding a proposed preferential issue of equity shares.The corrigendum, which forms an integral part of the original notice, details changes to the explanatory statement related to the utilization of issue proceeds and a certificate from a practicing company secretary.
According to the corrigendum, the proceeds from the preferential issue will be utilized for:
- Investment in Neogen Ionics Limited (NIL), a wholly-owned subsidiary, amounting to Rs. 100 crore within 90 days of allotment.
- Meeting working capital requirements.
- General corporate purposes, including Rs. 40 crore for ongoing corporate exigencies.
A table outlining the proposed utilization timeline is presented below:
| Sr. no. | Objects of an issue | Amount (Rs. in Crores) | Utilization Timeline |
|---|---|---|---|
| 1 | Investment in Neogen Ionics Limited | 100 | Within 90 days from the date of allotment of equity shares |
| 2 | Meeting Working capital requirements | Within 90 days from the date of allotment of equity shares | |
| 3 | General corporate purposes | 40 | Within 90 days from the date of allotment of equity shares |
The company noted that there may be a variation of up to +/- 10% in the estimated amounts. Cadamba Solutions Private Limited, a promoter group member, is the proposed allottee of 10,00,000 equity shares under the preferential issue. The corrigendum and original notice are accessible on the company's website at https://neogenchem.com/wp-content/uploads/corrigendum-to-the-Notice-of-EGM.pdf, as well as on the websites of the BSE (www.bseindia.com) and NSE (www.nseindia.com).
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