Axel Polymers' Board has approved its financial results for the first quarter, which were reviewed by the Audit Committee.

The board also approved a preferential issue of 28,28,891 new equity shares to various investors.

These shares, with a face value of ₹10, will be issued at ₹45 each (including a ₹35 premium), aiming to raise ₹12.73 Cr.

This capital raise is subject to shareholder approval and is intended to strengthen the company's financial position.

An Extra-Ordinary General Meeting (EGM) has been announced for August 20 to seek shareholder approvals for this significant share issue.