Rights issue up to Rs.70/- Crore approved; CFO resigns, Ajay Solanki gets additional charge as CFO
Board meet on 24.10.2026 approved a rights issue for an amount not exceeding 7000 lakhs (Rs.70/- Crore), face value ₹1/- each; DLOF to be shared with SEBI.
By ScoutQuest · · 2 min read
- Rights Issue Size
- not exceeding 7000 lakhs (Rs.70/- Crore)
- Face Value
- ₹1/- each
- CFO Resignation / Successor
- Munige Radhika resigns w.e.f. 24.10.2026; Ajay Solanki additional charge as CFO from 25.10.2026
Rights issue up to Rs.70/- Crore approved
The board of directors met on Saturday, October 24, 2026 and approved the issuance of equity shares on a rights basis for an amount not exceeding 7000 lakhs. The annexure to the update records the issue size as not exceeding Rs.70/- Crore.
- The securities will be fully paid-up equity shares of face value ₹1/- each.
- They will be offered to eligible equity shareholders of the company as on a record date, which the company will determine and intimate separately.
- The board approved the Draft Letter of Offer for update with SEBI and the stock exchanges.
- A Rights Issue Committee was constituted to undertake and oversee all matters relating to the rights issue.
- The board approved the appointment of the necessary intermediaries for the issue.
In simple terms: in a rights issue, a company offers newly issued shares first to its existing shareholders, usually in proportion to their current holding, and the money raised goes to the company. Here the board has approved the proposal and set a ceiling on the amount — the wording is “not exceeding”, so the final size can be at or below that level.
Management changes
- Mr. Vuppala Naga Malleswara Rao: the board took note of his resignation from the office of Director of the company with effect from 16th October, 2026.
- Ms. Munige Radhika: the board considered and approved her resignation from the office of Chief Financial Officer (CFO) with effect from 24th October, 2026 after closing of business hours. Her resignation email to the company states she is formally submitting her resignation from the position of CFO.
- Mr. Ajay Solanki: the board considered and approved his appointment to discharge the functions of CFO on an additional-charge basis with effect from 25th October, 2026.
The annexure gives these details for Mr. Ajay Solanki:
- Date of appointment as CFO on additional charge: 25.10.2026
- Qualification: Graduate
- Shareholding in the company: Nil
- Directorship in other listed entity: Nil
- Pecuniary relationship with the company or its managerial personnel: Not Related
What this means for a retail shareholder
- A rights issue raises fresh capital from existing shareholders; the price per share and the ratio of new shares to held shares would be part of the offer terms.
- The board has fixed only a maximum amount of 7000 lakhs / Rs.70/- Crore, and the record date will be communicated separately.
- The CFO change takes effect on the same day as the resignation, with the Managing Director holding the finance role as an additional charge from the next day — the update records both the exit and the arrangement that follows it.
Also from Goyal Associates
Board approves rights issue of up to Rs.70 crore; CFO and director changes also cleared
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 (not exceeding)7000 lakhs
- Issue size (not exceeding)Rs.70/- Crore
- Face value per equity share₹1/-
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