GAGoyal Associates530663Rights issue announcement

Board approves rights issue up to Rs. 70 crore, CFO change and director resignation noted

Board meeting on 24 October 2026 approved a rights issue of equity shares for an amount not exceeding Rs. 70 crore (7000 lakhs).

By ScoutQuest · Sat 24 Oct 2026, 5:49 PM IST · 2 min read

Rights Issue Size

not exceeding Rs. 70 crore (7000 lakhs)

CFO Resignation Effective Date

Ms. Munige Radhika resigned as CFO effective 24 October 2026

New CFO Appointment

Mr. Ajay Solanki appointed CFO on additional-charge basis from 25 October 2026

Rights issue approved

• The board approved the issuance of fully paid-up equity shares of face value ₹1/- each on a rights basis for an amount not exceeding Rs. 70 crore (7000 lakhs).
• The shares will go to eligible equity shareholders of the company as on a record date, which will be determined and intimated separately.
• The Draft Letter of Offer was approved for update with SEBI and the stock exchanges.
• A Rights Issue Committee has been constituted to undertake and oversee all matters relating to the issue, and the necessary intermediaries have been appointed.

What a rights issue means: existing shareholders are offered new shares, usually in proportion to what they already hold, and usually at a price decided later. The update gives the size ceiling of Rs. 70 crore but the price per share, the ratio and the record date are yet to be fixed.

Changes in key people

• Ms. Munige Radhika's resignation from the office of Chief Financial Officer was considered and approved, with effect from 24 October 2026 after closing of business hours.
• Mr. Ajay Solanki has been appointed to discharge the functions of CFO on an additional-charge basis with effect from 25 October 2026. He is a graduate, holds nil shares in the company, holds nil directorships in other listed entities and is not related to the company or its managerial personnel. His resume notes experience in the banking sector, including Direct Selling Agent (DSA) products and customer acquisition.
• The resignation of Mr. Vuppala Naga Malleswara Rao from the office of Director, with effect from 16 October 2026, was taken note of.

How to read this

• The rights issue is the main item and is a fund-raising step; the amount, price and ratio will decide how much dilution existing shareholders face. Watch for the record date and the letter of offer details.
• The company has a new person handling the CFO role from the day after the outgoing CFO's exit, on an additional-charge basis.
• The board meeting ran from 4.00 P.M. to 5.30 P.M.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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