MD and CFO resign; two acquisitions via share swap approved
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Kanungo Financiers board approved resignation of MD and CFO Chirag Shah citing time constraints, effective 24 July 2026, and appointed Atul Marathe as Executive Director and CFO. Also approved acquiring 19.5 percent each in Startech Infralogistics (Rs 42.49 Cr) and Peepal Mining and Logistics (Rs 38.83 Cr) via share swap at Rs 20 per share. Preferential issue of 4.06 Cr shares totalling Rs 81.32 Cr. Authorized capital raised from Rs 5.24 Cr to Rs 50 Cr. EOGM on 21 August.
Leadership change at top. Major dilution ahead with 4 Cr new shares for acquisitions; existing shareholders equity will reduce sharply.