Outcome of Board Meeting dated 22nd August, 2025
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The Board of Directors of Classic Leasing & Finance Ltd, at its meeting on August 22, 2025, approved a preferential issue of up to 92,50,000 equity shares at Rs. 10 per share (face value), aggregating Rs. 9.25 crores. The shares will be allotted to 3 promoter-group entities (Manju Bothra, Urvee Bothra Dugar, Rajmahal Credit Capital) and 2 non-promoter entities (Navdhara Verso Pvt. Ltd. and Sunlike Exim Pvt. Ltd.). Post-issue, the two non-promoter allottees will each hold around 22-23% stake in the company. The Board also approved the re-appointment of Mr. Chandra Shekhar Sony as Managing Director, subject to shareholder approval. The AGM has been rescheduled from September 20, 2025 to September 23, 2025 to include the preferential issue as a special business item.
This is a significant capital infusion of Rs. 9.25 crores via preferential allotment at par, which will lead to dilution of existing shareholders by over 30%. Two new non-promoter entities will emerge as substantial shareholders (~22-23% each), changing the ownership structure of the company. Shareholders should note the related AGM items requiring their approval.