Proceedings of the Extraordinary General meeting of the Company held on December 3, 2025 at 3:00 P.M.
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Richfield Financial Services Ltd, an NBFC engaged in personal loans, gold loans, and other loan products, held an Extraordinary General Meeting on December 3, 2025 via video conference, attended by 20 members. Shareholders approved a special resolution to issue 40,00,000 (40 lakh) equity shares on a preferential basis through private placement to the promoter and certain identified non-promoters. The company clarified that at least 75% of the issue proceeds will fund business activities such as onward lending, repayment/prepayment of existing borrowings, branch expansion, technology upgrades, and hiring, while up to 25% will go to general corporate purposes. Deployment of funds is targeted by the end of June 2026. Since the issue size is below INR 100 crore, no monitoring agency is required. The company also clarified that allottee Ente Naadu Multi State Agro Cooperative Society Limited has no Ultimate Beneficial Owner under the Multi-State Cooperative Societies Act.
This preferential issue will dilute existing shareholders but brings in fresh capital to expand the NBFC's lending book, branches, and technology. Investors should watch for the issue price, allottee identities, and post-issue shareholding pattern, as preferential allotments signal capital-raising needs alongside promoter confidence.