Midland Polymers Ltd

Meeting Details

• Date: 17.10.2026; time not disclosed; venue: Flat No.1509, 15th Floor, Block-B, Asian Suncity, Kondapur, Hyderabad.

Key Agenda Items

• Unaudited standalone and consolidated financial results with limited review report for quarter and half year ended 30.09.2026.
• Any other business with the permission of the Chair.

Other Notes

• Company name: Rare Earth Engineers Limited (formerly Midland Polymers Limited).

AGM details

• AGM held on 24 September 2026 at 12:30 PM IST via Video Conference/OAVM.

AGM details

• Held on 24-09-2026 at 12:30 PM via Video Conference/OAVM.
• Meeting concluded at 12:39 PM; record date 17-09-2026.

Resolutions put to vote

• Ordinary: adopt audited financial statements and related reports.
• Special: appoint Nagabhyru Subbarao as Non-Executive Director.
• Special: appoint Shaik Mahammad Amaan as Director and Whole-Time Director.
• Special: appoint L Prashanth Reddy as Director and CMD.
• Special: change the company name and amend AOA/MOA.
• Special: adopt a new MOA aligned with Companies Act 2013.

Voting results

• All six resolutions passed; total votes polled ~8.47 million; all in favour.

Director changes

• Nagabhyru Subbarao appointed Non-Executive Director.
• Shaik Mahammad Amaan appointed Director and Whole-Time Director.
• L Prashanth Reddy appointed Director and CMD.

Other material approvals

• Name change approved with amendments to AoA and MOA.
• Adoption of new MOA under Companies Act 2013.

Financial snapshot

• Revenue from operations was nil for 2025-26.
• Net loss for the year: Rs 14.07 Lakhs.
• Basic/diluted EPS: Rs (2.10).
• Current ratio 0.16; equity negative Rs (211.77) Lakhs.
• Cash and cash equivalents: Rs 1.15 Lakhs as of 31.03.2026.
• Authorized share capital: Rs 1,360 Lakhs; paid-up capital: Rs 66.88 Lakhs.
• Borrowings (current liabilities): Rs 252.57 Lakhs.

Capital moves post-year

• Post-year-end preferential issue: 79,73,518 equity shares at Rs 10 each.
• Convertible warrants: 91,00,000 issued at Rs 10 each.
• Share swap: 70% stake in JMRC Energy acquired; 73,78,350 new shares issued.
• Open Offer: up to 97,50,000 shares; 1,765 shares tendered.
• Authorised capital increased to Rs 40 Crores.
• MOA/Articles altered to reflect new name and expanded objects.
• Name change approved: Midland Polymers Limited to Rare Earth Engineers Limited.

Business developments & strategy

• Management aims to diversify into power transmission, wind energy, EPC, and defence infra.
• FY2025-26 had no operating revenue; focus on revival plan and future revenues.
• JMRC Energy subsidiary established post-year-end for strategic expansion.

Governance changes

• CFO Chereddy Ajay Raj appointed 12.08.2026; Praneeth Thota resigned the same date.
• Directors appointed: Nagabhyru Subbarao (Non-Executive), Shaik Mahammad Amaan (WTD), L Prashanth Reddy (MD).
• Priyanka Agarwal resigned as Independent Director on 31.01.2026.
• Mounika Pammi and Sreeram Athota appointed to Board; governance details noted in report.
• Audit-Committee disclosure omission led to Rs 60,000 fine plus GST; waiver sought 22.01.2026.

Subsidiary & group

• JMRC Energy Private Limited became a subsidiary on 29.07.2026, 70% stake via share swap.
• No other material subsidiary; group reconstitution post open offer.

Risk & going concern

• Company reports net losses and negative net worth; going concern depends on revival plan and promoter support.
• Current assets Rs 41.15 Lakhs vs current liabilities Rs 252.92 Lakhs; liquidity concerns noted.

Audits & controls

• Statutory auditors: Pundarikashyam & Associates; unmodified opinion.
• Secretarial audit notes one omission; Rs 60k fine paid; waiver filed.
• Internal controls: adequate; internal audit by Pavan Reddy & Associates.

Related party transactions

• Loans from MD and spouse: Rs 212.54 Lakhs and Rs 20.04 Lakhs.
• Total related party borrowings: Rs 232.57 Lakhs; transactions disclosed as arm's length.

Parties and listing

• Target: Midland Polymers Limited.
• Acquirers: Radha Krishna Avudari; PACs Boreddy Gayathri and Shaik Mahammad Amaan.
• Promoter group: Yes.
• Listed on stock exchanges: BSE Limited.

Transaction mechanics

• Mode: Preferential allotment.
• Date of allotment: 29.07.2026.
• Securities: equity shares (Rs 10) and warrants.
• Equity shares acquired: Boreddy 44,79,372; Radha 29,86,248; Shaik 29,86,248.
• Warrants acquired: Boreddy 33,00,000; Radha 22,00,000; Shaik 22,00,000.

Holding status (pre/post)

• Pre-acquisition voting rights: total 1,04,51,868 shares (65.24%).
• Post-acquisition voting rights: total 1,04,51,868 shares (65.24%).
• Post-acquisition diluted: 41.59%.
• Post-acquisition warrants: total 77,00,000 (30.66%).

Capital structure

• Equity capital before: 66,87,600 shares; Rs 10.
• Equity capital after: 1,60,20,628 shares; Rs 16,02,06,280.
• Total diluted voting capital after: 2,51,20,628 shares; Rs 25,12,06,280.

Transaction overview

• Target: Midland Polymers Limited; listed on BSE Limited.
• Acquirer: Boreddy Gayathri; PACs: Radha Krishna Avudari and Shaik Mahammad Amaan; promoter group.
• Mode: Preferential Allotment; date: 29.07.2026; instruments: equity shares and warrants.

Capital structure

• Pre-acquisition equity capital: Rs 66,87,600; 6,68,760 equity shares of Rs 10.
• Post-acquisition equity capital: Rs 16,02,06,280; 1,60,20,628 shares; diluted cap Rs 25,12,06,280; 2,51,20,628 shares.

Acquisition details

• Boreddy: 44,79,372 equity shares; 27.96% VR; 17.83% diluted.
• Radha: 29,86,248 equity shares; 18.64% VR; 11.88% diluted.
• Shaik: 29,86,248 equity shares; 18.64% VR; 11.88% diluted.
• VRs acquired: Boreddy 33,00,000; Radha 22,00,000; Shaik 22,00,000; total 77,00,000 (30.66%).
• Total post-acquisition voting shares: 1,04,51,868 (65.24%); diluted 41.59%.

Salient features

• Warrants/VRs convert to equity; no explicit redemption details provided.
• Face value Rs 10 per equity share; additional dilution via warrants.

Target and acquirers

• Target: Midland Polymers Limited.
• Acquirer: Shaik Mahammad Amaan with PACs Radha Krishna Avudari and Boreddy Gayathri.
• Acquirer group: Yes, promoter group.

Transaction structure

• Mode: Preferential allotment of equity shares.
• Date of allotment: 29 July 2026.
• Salient securities: Equity shares of Rs 10 each.

Capital base

• Pre-acquisition equity share capital: Rs 66,87,600 (6,68,760 shares).
• Post-acquisition equity share capital: Rs 16,02,06,280 (1,60,20,628 shares).
• Total diluted share capital after acquisition: Rs 25,12,06,280 (2,51,20,628 shares).

Post-acquisition holdings

• Boreddy Gayathri: 44,79,372 shares (27.96%).
• Radha Krishna Avudari: 29,86,248 shares (18.64%).
• Shaik Mahammad Amaan: 29,86,248 shares (18.64%).

Additional details

• Total voting rights held by acquirers and PACs after acquisition: 1,04,51,868 shares (65.24%).
• Warrants/convertible instruments: 77,00,000.

Transaction details

• Target: Midland Polymers Limited; listed on BSE Limited.
• Acquirer: Ramachandra Rao Tummala (not in promoter/promoter group).
• Acquisition mode: Preferential Allotment; Date: 29 July 2026.
• Pre-acquisition holding: 0 shares; 0% voting rights.
• Post-acquisition: 18,50,000 shares, 11.55% voting rights; 7.36% diluted.
• Equity capital before: Rs 66,87,600; 6,68,760 shares.
• Equity capital after: Rs 16,02,06,280; 1,60,20,628 shares.
• Total diluted capital after: Rs 25,12,06,280; 2,51,20,628 shares.
• Salient features: Equity shares of Rs 10 each.

Board outcomes and governance updates

• Approved unaudited standalone results for quarter ended 30-06-2026 and the Limited Review Report.
• Name change proposed to Rare Earth Engineers Limited, subject to member approval and MOA/AOA changes.
• Shifted registered office to Kondapur, Hyderabad.
• 34th Directors’ Report for FY2025-26 and AGM notice issued; AGM on 24 Sep 2026 via OAVM.
• Appointed Subbarao (Non-Executive), Shaik Amaan (WTD), Prashanth Reddy (Chairman/MD), Chereddy Ajay Raj (CFO) effective 12 Aug 2026.
• Resigned Vanaja Veeramreddy as Managing Director and Praneeth Thota as WTD & CFO, effective 12 Aug 2026.
• Adoption of new MOA aligned with Companies Act, 2013, subject to member approval.
• Reclassification of Gudapu Reddy Sreedar Reddy from Promoter to Public upon Open Offer completion.
• Q1 FY2026-27 unaudited results: revenue nil; net loss ₹32.05 lakh; other income ₹3.34 lakh.
• Paid-up equity capital ₹66.88 lakh; basic/diluted EPS ₹−4.79.

Meeting Details

• Date: 12 August 2026; time not disclosed; venue: registered office.

Key Agenda Items

• Un-audited financial results with Limited Review Report for quarter ended 30.06.2026.
• Any other business with permission of the Chair.

Other Notes

• Trading window closed from 01.07.2026 to 48 hours after results declaration.