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The board of Rita Finance and Leasing Ltd, which met on 26 March 2026, approved increasing the company's authorised share capital from Rs. 10 crore to Rs. 16 crore, subject to shareholder approval. The board also approved a preferential issue of up to 60 lakh convertible warrants at a minimum price of Rs. 20 per warrant (including premium), to be allotted to 18 identified investors. Each warrant can be converted into 1 equity share of Rs. 10 face value within 18 months, with 25% of the price payable upfront and the rest on conversion. If fully exercised, the issue could raise up to Rs. 12 crore. A postal ballot will be conducted to seek member approval, and CS Ankur Dineshchandra Gandhi has been appointed as scrutinizer. None of the 18 allottees currently hold any shares, so all are fresh investors.
This is a significant dilution event — if all 60 lakh warrants are converted, the company's paid-up equity could rise by up to 60 lakh shares, which existing shareholders should factor in. The fundraise of up to Rs. 12 crore may strengthen the company's capital base, but preferential allotments at Rs. 20 per share (face value Rs. 10) to selected investors are often viewed as promoter/group-related support, which may be seen positively for solvency but may pressure the stock price in the short term due to dilution.