1. Change in Designation of Mr. Sarang Dinesh Likhitkar (DIN: 10986050) from Managing Director to Non-Executive Director on Board of Directors of 'IFL Enterprises Limited' effective from ....
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IFL Enterprises' board approved a rights issue of up to Rs. 50 crores with a record date of June 13, 2025. The issue opens on June 19, 2025 and closes on June 30, 2025, with a ratio of 60 rights shares for every 91 shares held, priced at Rs. 1 per share (face value). Total existing equity shares stand at about 49.15 crore of Rs. 1 face value. Mr. Sarang Dinesh Likhitkar was redesignated from Managing Director to Non-Executive Director, and Mr. Abhishek Pratapkumar Thakkar was appointed as the new Managing Director for a 5-year term, subject to shareholder approval at the upcoming general meeting.
The rights issue at face value will be significantly dilutive, so eligible shareholders need to decide whether to subscribe by June 30. The leadership change at the top brings a new finance-oriented MD which could shift the company's strategic direction, though it adds near-term uncertainty.