Shalimar Paints Limited is naming Kundan Sangwar as its Chief Financial Officer, effective August 12, 2026, marking a defining moment for the company’s financial leadership as it gears up for a new chapter of growth. Sangwar comes with over 18 years in corporate finance, treasury, and strategic financial management, including leadership roles at Novopor Advanced Science as Head of Corporate Finance & Treasury and senior positions at JSW Paints. He holds an MBA from IIM Indore and a B.Tech from NIT Tiruchirappalli, positioning him to steer Shalimar’s capital strategy as the company expands its manufacturing footprint and distribution network.
In the same board meeting, Shalimar’s directors cleared a broad financing and capital-structure agenda intended to support growth initiatives. The approvals include a substantial increase in the company’s authorised share capital to ₹1,000 crore and the introduction of non-cumulative, non-participating compulsory convertible preference shares (CCPS) to facilitate fund-raising. The board also sanctioned a targeted equity placement on a preferential basis to non-promoter allottees, with multiple tranches and an aggregate value running into thousands of crores, alongside a separate proposal for a Qualified Institutions Placement (QIP) targeting up to ₹1,000 crore to fund expansion. These moves reflect a strategic push to enhance liquidity and broaden the company’s capital-raising toolkit.
Beyond capital markets activity, the board considered a potential strategic collaboration with Infra.Market, including an investment in equity shares and CCPS of Hella Infra Market Limited via a swap arrangement, potentially evolving into a material subsidiary. The discussions also encompassed a broader platform-building approach to unlock synergies between Shalimar’s manufacturing heritage and Infra.Market’s pan-India reach in building materials, with the possibility of unification down the line subject to applicable approvals. Taken together, the leadership change at the CFO level and the multi-pronged funding and strategic options signal Shalimar’s ambition to scale and to leverage new platform-based opportunities while strengthening governance and capital discipline.