Alteration in object clause of the Memorandum of Association of the Company, subject to the approval of the shareholders
MOBIKWIK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
One MobiKwik Systems Limited's Board meeting on May 22, 2026 approved three key matters subject to shareholder approval. First, the company is amending its Memorandum of Association to add Payment Aggregator (Physical POS) activities to comply with RBI requirements. Second, and most significant, the company is selling its Lending Services Provider (LSP) Business to MDSPL, its wholly-owned subsidiary, on a slump sale basis. The LSP business generated INR 2,613.75 million in revenue for FY 2025-26 (22.70% of standalone revenue) and had a net worth of INR 952.21 million (16.94% of standalone net worth). The consideration will be paid via Non-Convertible Debentures based on book value. This transfer is required as a pre-condition for the company's NBFC subsidiary to obtain RBI's Certificate of Registration. Expected completion is by end of Q2 FY 2026-27. Third, the company plans to vary the utilization terms and timeline for IPO proceeds, with details to follow via Postal Ballot.
The LSP business divestment to a subsidiary reduces the listed company's standalone revenue by ~23% but enables regulatory compliance for the NBFC business. Shareholders will vote on all three proposals. No change in shareholding pattern is expected since the buyer is a wholly-owned subsidiary.