Appointment of Chief Compliance Officer of the Company for a period of 3 years w.e.f 14th August 2025
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Awaiting price reaction for this filing.
Star Housing Finance's board has appointed Mr. Shakir Sheikh as Chief Compliance Officer for 3 years effective August 14, 2025, as required by an RBI circular. Sheikh has over 35 years of experience in housing finance and legal practice, and has been serving as Senior Legal Consultant at the company since 2019. The same board meeting also approved Q1 FY26 unaudited results with profit after tax of ₹138.41 lakhs (down from ₹301.85 lakhs in Q1 FY25) on total income of ₹2,181.25 lakhs, and recommended a final dividend of ₹0.10 per share for FY25. Additionally, Executive Director Mr. Kavish Jain will resign effective August 15, 2025, and Independent Director Mr. Chinnathambi Ilango resigned effective the close of the board meeting. The board also approved issuance of up to 50,000 NCDs (₹50 crore), an increase in authorised share capital from ₹50 crore to ₹125 crore, and the reclassification of certain outgoing promoters.
The CCO appointment is a routine regulatory requirement and unlikely to move the stock, but the Q1 profit drop of roughly 54% year-on-year and the simultaneous exit of an Executive Director and an Independent Director are notable negatives for shareholders. The proposed NCD raise and authorised capital expansion could be dilutive if equity is eventually issued.