Change in management - new promoter MD and CFO appointed
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On the reaction day the stock moved 4.8 pts more than Nifty Microcap 250 and 4.8 pts more 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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After RBI approved change in management, RGF Capital Markets appointed Nishad Jitendra Shah as new Managing Director under promoter category holding 44.27 lakh shares, along with his spouse Rajshree Nishad Shah as Non-Executive Director holding 32.57 lakh shares. New CFO Mit Gandhi, Independent Director Amar Chokshi, and Company Secretary Shivam Prajapati also appointed. Outgoing MD and CFO Sagar Mal Nahata, Director Sujit Kumar Panda, and Independent Director Basanti Roy have resigned.
New promoter family takes control post RBI approval. Leadership change may bring strategic shift with experienced banking professionals from Citigroup, Barclays and HDFC at the helm.