This is to inform that Board of Directors of the IFL Enterprises Limited in its meeting held on Monday, 09th June, 2025 as inter alia considered and approved the following items: 1. ....
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The Board of Directors of IFL Enterprises Limited met on June 9, 2025 and approved three key items. First, it finalised the terms of a rights issue of up to 49,14,76,620 equity shares of face value Rs. 1 each, aggregating up to about Rs. 49.15 crore, at an issue price of Rs. 1 per share (no premium), in the ratio of 60 rights shares for every 91 shares held. The record date is fixed as June 13, 2025, with the issue opening on June 19, 2025 and closing on June 30, 2025. Second, Mr. Sarang Dinesh Likhitkar has been redesignated from Managing Director to Non-Executive Director with effect from June 9, 2025. Third, Mr. Abhishek Pratapkumar Thakkar has been appointed as the new Managing Director for a period of five years, subject to shareholder approval.
Shareholders on the record date of June 13, 2025 will receive rights entitlements and can subscribe to new shares or renounce them by June 24, 2025. Since the issue is priced at face value with no premium, it is largely a capital restructuring exercise and may lead to significant share count expansion. The leadership change at the top also signals a shift in management ahead of the fundraising.