Epack Durable seeks shareholder approval for IPO object variation

EPACK Durable is seeking shareholder approval via postal ballot to modify the use of INR 1,765.16 million of unutilized IPO proceeds, originally earmarked for expansion and setting up manufacturing facilities. The reallocation aims to capitalize on new client relationships, a washing machine manufacturing opportunity, and enhanced air conditioner component production in Sri City.

The company intends to allocate INR 435.99 million for a Bhiwadi facility, INR 1,029.08 million for Sri City, and INR 300.10 million for existing Bhiwadi facilities. The Board of Directors has recommended the resolution, specifying that the alterations align with evolving market demands and business opportunities.