MD steps down, board approves NCD and equity share allotments
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On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 1.0 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board approved: (1) Allotment of 4,610 secured NCDs at Rs 10,000 each totaling Rs 4.61 crore under Series A, 20 percent annual coupon, 18-month tenure, unlisted. (2) MD Rajesh Singh Kaira stepped down as Managing Director and KMP from Sept 22, 2026, and was redesignated as Non-Executive, Non-Independent Director from Sept 23, 2026. (3) Allotted 97 lakh equity shares on conversion of warrants at Rs 4.80 per share, raising about Rs 4.65 crore. Paid-up equity capital rose from 8.11 crore to 9.08 crore shares.
MD exit within a year signals leadership uncertainty. Fresh capital via NCDs and shares but equity issuance dilutes existing shareholders by about 12 percent.