Board Approves Rights Issue of up to Rs. 30 Crore; CFO Changes Hands

Board approved raising up to Rs. 30,00,00,000 (Rupees Thirty Crore) via a Rights Issue of partly paid-up equity shares to eligible shareholders on a record date to be notified later.

Thu 1 Oct 2026

Rights Issue Amount

Rs. 30,00,00,00,000 (Rupees Thirty Crore)

Share Type

Partly paid-up equity shares

Outgoing CFO

Mr. Rajesh Kumar Garg, resigned effective close of business on September 30, 2026

New CFO

Mr. Hemant Arora, appointed from October 01, 2026

New CFO Experience

Chartered Accountant with over 15 years of experience and 14 years with the Company

Fund raising

The Board approved raising funds by issuing partly paid-up equity shares on a rights basis to eligible shareholders as on a record date to be notified later, for a maximum amount of up to Rs. 30,00,00,000 (Rupees Thirty Crore).

The issue is subject to receipt of necessary approvals and is to be carried out under the Companies Act, 2013 and SEBI ICDR Regulations, 2018.

What is still open

• Issue size and issue price
• Rights entitlement ratio
• Record date and timing
• Terms and schedule of payment

These have been left to the Rights Issue Committee, which the Board has authorised to decide them from time to time.

What a rights issue means for you

In a rights issue, existing shareholders get the right to buy new shares in proportion to their holding. Because the shares here are proposed to be partly paid-up, investors would pay part of the price upfront and the balance in later calls. Shareholders who do not subscribe may see their percentage holding diluted once new shares are issued.

CFO change

Mr. Rajesh Kumar Garg resigned as Chief Financial Officer and Key Managerial Personnel due to personal reasons, with effect from the close of business hours on September 30, 2026. The Board recorded its appreciation for his services.

Mr. Hemant Arora has been appointed as Chief Financial Officer and Key Managerial Personnel with effect from October 01, 2026, on terms including remuneration approved by the Board.

His profile as stated: a qualified Chartered Accountant with experience of over 15 years, a B.Com (Hons) from Deshbandhu College, University of Delhi, a Diploma in Master in Business Finance from ICAI, and a three-year Post Graduate Programme in Management from IMT Ghaziabad (Centre for Distance Learning). He has been associated with the Company for the past 14 years, with experience in finance, accounting, analytics, financial planning and management.

Points to watch

• The record date, issue price and entitlement ratio when announced
• The payment schedule for the partly paid-up shares
• How the funds raised are to be deployed

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