Outcome of the Board meeting held on October 14, 2025 - Issue and allotment of 40,00,000 (Forty Lakhs) Equity Shares, on preferential basis to certain identified non-promotors and promoters. ....
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The board of Richfield Financial Services Ltd, at its meeting on October 14, 2025, approved the allotment of 40,00,000 (40 lakh) equity shares on a preferential basis at Rs. 25 per share, which is Rs. 15 above the face value of Rs. 10. This will raise a total of Rs. 10 crore from 142 identified allottees, including 141 non-promoter individuals, one cooperative society (Ente Naadu Multi State Agro Cooperative Society Ltd), and one promoter (V C Georgekutty, the Managing Director). The board also approved opening a separate bank account for the issue and appointed a registered valuer to determine the issue price. Additionally, the company announced its proposal to apply for a Corporate Agent License from IRDAI, suggesting plans to enter the insurance distribution business.
Existing shareholders will face dilution of about 40 lakh additional shares, but the company is raising Rs. 10 crore of fresh equity capital at a 150% premium to face value. The move into insurance distribution via the IRDAI license application could open a new revenue stream, though execution risks remain.