Board approves rights issue of up to Rs.70 crore; CFO and director changes also cleared
Board approved a rights issue of equity shares for an amount not exceeding 7000 lakhs; Annexure-A puts the issue size at not exceeding Rs.70/- Crore.
By ScoutQuest · · 2 min read
- Rights issue size
- not exceeding 7000 lakhs / Rs.70/- Crore
- Instrument
- fully paid-up equity shares of face value of ₹1/- each
- CFO change
- Ms. Munige Radhika resigned w.e.f. 24 October 2026; Mr. Ajay Solanki takes over from 25 October 2026
Fund raise via rights issue
- The Board approved the issuance of equity shares on a rights basis for an amount not exceeding 7000 lakhs.
- The securities are fully paid-up equity shares of face value of ₹1/- each.
- Annexure-A states the issue size as not exceeding Rs.70/- Crore.
- The issuance is a Rights Issue to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently).
- The Board approved the Draft Letter of Offer to be shared with SEBI and the stock exchanges, the constitution of a Rights Issue Committee to undertake and oversee all matters relating to the proposed Rights Issue, and the appointment of the necessary intermediaries.
- Annexure-A records no cancellation or termination of the proposal for issuance of securities.
What a rights issue is
A rights issue offers existing shareholders the first right to subscribe to newly issued shares, generally in proportion to their existing shareholding. The update states the Company will separately intimate the Record Date upon finalisation.
Management changes
- The resignation of Mr. Vuppala Naga Malleswara Rao from the office of Director, with effect from 16th October, 2026, was taken note of.
- The resignation of Ms. Munige Radhika from the office of Chief Financial Officer, with effect from 24th October, 2026 after closing of business hours, was considered and approved.
- Mr. Ajay Solanki was appointed to discharge the functions of Chief Financial Officer on an additional-charge basis with effect from 25th October, 2026.
- Annexure-A profile of Mr. Ajay Solanki: Graduate; shareholding in the Company Nil; directorship in other listed entity Nil; not related, directly or indirectly, to the company or its managerial personnel.
How to read this
The main announcement is a board decision to raise money from existing shareholders through a rights issue, with the amount capped at 7000 lakhs (issue size not exceeding Rs.70/- Crore). The record date, which decides who is eligible to participate, is to be intimated separately. The same board meeting also recorded a director's resignation and a change of Chief Financial Officer, with the successor holding the post on an additional-charge basis.
Also from Goyal Associates
Rights issue up to Rs.70/- Crore approved; CFO resigns, Ajay Solanki gets additional charge as CFO
24 Oct 2026
Board approves rights issue up to Rs. 70 crore, CFO change and director resignation noted
24 Oct 2026
Board meeting on 24 October 2026 to consider a proposal for raising of funds
16 Oct 2026
More numbers
- Rights issue amount approved by the Board7000 lakhs
- Issue size stated in Annexure-ARs.70/- Crore
- Face value of equity shares to be issued₹1/-
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