Announced Sat, 24 Oct, 2026 · 17:53 IST

CFO resigns, Ajay Solanki takes charge and Rs 70 crore rights issue is approved

Cfo ResignedKmp ResignedManagement Changes View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-4.8%Reaction day

₹1.26

prior close

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announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used+0.4%-5.2% vs market

Non Banking Financial Company (NBFC) peers, median of 215sector-0.3%-4.4% vs sector

On the reaction day the stock moved 5.2 pts less than Nifty Microcap 250 and 4.4 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

-4.8+0.4-5.2-0.3-4.4

Next day

-4.8pendingpending+0.1-4.8

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UpDownMarket · Nifty Microcap 250Sector · Non Banking Financial Company (NBFC) peers, median of 215Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

The board approved a rights issue of fully paid equity shares of Rs 1 each, worth up to Rs 70 crore, and appointed the needed intermediaries. CFO Munige Radhika resigned effective 24 October 2026, and Ajay Solanki took over as CFO on an additional-charge basis from 25 October. Director Vuppala Naga Malleswara Rao also resigned effective 16 October. The record date is still to be set.

Likely market impact

The rights issue may strengthen capital but could dilute holders who do not subscribe. The sudden CFO change adds governance and execution risk.