Board Meeting outcome: 1. Raising of fund by Rights Issue 2. Appointment of Joint Managing Director & CEO 3. Appointment of Secretarial Auditor for Five yeras
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The board of Kati Patang Lifestyle Ltd (formerly VirtualSoft Systems Ltd) approved three key items on June 27, 2025. First, a Rights Issue of partly-paid-up equity shares worth up to Rs. 21 crore to existing eligible shareholders, with a Rights Issue Committee formed to decide final terms. Second, Mr. Shantanu Upadhyay, who is a co-founder of the Kati Patang beer brand and currently an Executive Director, was elevated to Joint Managing Director & CEO for a five-year term starting June 28, 2025. He holds 10.69% stake (38,36,590 shares) in the company. Third, M/s Saket Billa & Associates was appointed as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30). All appointments are subject to shareholder approval at the next general meeting.
The Rs. 21 crore Rights Issue signals the company plans to raise fresh capital, which may dilute existing shareholders but provides growth funding. The elevation of a co-founder and key stakeholder to CEO brings strategic continuity and aligns leadership with the brand's vision of building a premium lifestyle platform. Existing shareholders will need to evaluate participation in the rights issue once terms are finalized.