Pursuant to the approval of Board of directors of the company on 30th December, 2024 and Draft Letter of Offer dated 07th March, 2025 submitted for obtaining 'In Principle Approval' for ....
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IFL Enterprises' board has approved the terms of a proposed rights issue of up to Rs. 50 Crores, with a record date set for June 13, 2025. The rights issue opens on June 19, 2025 and closes on June 30, 2025, priced at Rs. 1.00 per share (face value) in a ratio of 60 rights shares for every 91 shares held. This works out to roughly 49.15 crore equity shares being offered. The board also approved changing Mr. Sarang Dinesh Likhitkar's designation from Managing Director to Non-Executive Director, and appointed Mr. Abhishek Pratapkumar Thakkar as the new Managing Director for a 5-year term, subject to shareholder approval.
Eligible shareholders as of the record date (June 13) will get the right to buy additional shares at face value, which is likely a steep discount to the prevailing market price — investors should evaluate whether to subscribe, renounce, or let entitlements lapse. The simultaneous leadership change at the top adds a governance angle to watch as the capital raise progresses.