Intimation of Amendments of MoA
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The board of Rita Finance and Leasing Ltd, at a meeting on 26 March 2026, approved increasing the authorised share capital from Rs 10 crore to Rs 16 crore, along with a corresponding amendment to the Memorandum of Association, subject to shareholder approval. Separately, the board in-principally approved raising funds by issuing up to 60 lakh convertible warrants at a minimum price of Rs 20 per warrant (including premium), with each warrant convertible into one equity share of Rs 10 face value within 18 months. The warrants are proposed to be allotted on a preferential basis to 18 identified allottees, including several HUFs, individuals, and private companies such as Sellwin Traders Ltd, LongView Financial Services Pvt Ltd, and Mideast Healthcare Pvt Ltd. A postal ballot notice has been initiated to seek member approval for the capital increase, the warrant issuance, regularisation of directors, and appointment of statutory auditor. The total potential fund raise, if all warrants are exercised, is around Rs 12 crore, with 25% payable upfront and 75% on conversion.
This is a significant dilution event — the 18 allottees currently hold no shares but will collectively own roughly 40% of the post-issue equity once warrants are exercised, changing the company's ownership profile substantially. Existing shareholders will see their stake reduced, though the Rs 12 crore potential inflow could strengthen the company's capital base if the warrants are fully converted.