The Board considered and approved the appointment of Mr. Sachin Garg as Additional Director (Independent) and cessation of Mr. Sunil Jindal due to disqalification u/s 167 of company Act 2013.
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Regency Fincorp's board approved raising Rs 75 crore through secured, listed non-convertible debentures (NCDs) on a private placement basis, with the first tranche of Rs 50 crore (Rs 25 crore base + Rs 25 crore greenshoe) at 14% annual interest, monthly coupon, and 12-month tenure. Infomerics was appointed as credit rating agency and Catalyst Trusteeship as debenture trustee. Two independent directors are leaving the board: Kamal Kumar resigned effective February 11, 2026, and Sunil Jindal ceased to be a director effective February 17, 2026 after being disqualified under Section 167(1)(b) of the Companies Act for remaining absent from all ~21 board meetings over the past 12 months. Sachin Garg, a banking and finance professional with 18+ years of experience and a doctorate in Marketing & Finance, has been appointed as an additional independent director.
The disqualification of an independent director for chronic non-attendance is a governance red flag, but the company is quickly filling the vacancy with a qualified finance professional. The 14% NCD coupon suggests elevated borrowing costs typical of small NBFCs, and the Rs 75 crore raise will strengthen the company's funding base if deployed productively.