Announcement under Regulation 30 (LODR)- Amendment to Memorandum of the Company for increase in authorised share capital
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Banas Finance's Board, at its meeting on August 29, 2025, approved three items. First, it appointed Mr. Mayank Borana, a Chartered Accountant with over 8 years of experience in financial reporting and compliance, as a Non-executive Independent Director for a 5-year term subject to shareholder approval. Second, it re-appointed M/s. HRU & Associates as Secretarial Auditor for another 5-year term until the FY 2030-31 AGM. Third, it approved nearly doubling the authorised share capital from Rs. 103.30 crore (10.33 crore equity shares of Rs. 10 each) to Rs. 203.30 crore (20.33 crore equity shares of Rs. 10 each), which will require amendments to the Memorandum of Association pending shareholder approval.
The sharp jump in authorised share capital, nearly doubling it, hints at potential fundraising or equity issuance plans in the pipeline, though no immediate dilution will occur. Addition of a CA-qualified independent director should strengthen financial oversight on the board.