Anupam Finserv Limited has rescheduled its 35th Annual General Meeting to September 30, 2026, citing administrative reasons. The meeting will seek shareholder approval for a preferential allotment of convertible warrants and the remuneration package of Managing Director Siddharth Gala.

The company issued a corrigendum on September 7, 2026, updating the original notice dated August 12, 2026. The AGM will be held via Video Conferencing or Other Audio-Visual Means at 12:15 pm. Remote e-voting opens on September 27, 2026, and closes on September 29, 2026.

Preferential Warrant Issue Details

The Board proposes issuing up to 40,00,000 fully convertible warrants to promoter Pravin Nanji Gala for an aggregate consideration of ₹80,00,000. The issue price has been revised from ₹1.92 to ₹2.00 per warrant.

Key terms of the issuance include:

• Relevant Date: August 31, 2026, for determining the floor price.
• Payment Terms: 25% upfront payment (₹0.50 per warrant) with the balance payable upon conversion.
• Conversion Tenure: Warrants are exercisable within 18 months of allotment.
• Use of Proceeds: Growth initiatives, credit granting, debt repayment, and working capital.

What the Numbers Show

The proposed allotment increases the promoter group’s shareholding from 51.747% to 52.744% on a fully diluted basis. Pravin Gala’s individual holding rises from 21.751% to 23.366%. This concentration reinforces promoter control while raising capital without immediate cash outflow for the allottee beyond the initial 25% upfront payment.

Remuneration and Related Party Transactions

Shareholders will also approve the remuneration of CEO and MD Siddharth Gala for three financial years from April 1, 2026, to March 31, 2029. The package includes a basic salary of ₹125,000 per month and performance-linked incentives up to 5% of net profits. Approval is required as the payout may exceed Section 197 limits of the Companies Act, 2013.

Additionally, the meeting seeks approval for material related-party transactions up to ₹5 crore each with entities including Nipra Trading Private Limited and GM Mercantile Private Limited. These transactions involve loans and borrowings at interest rates between 9% and 15% per annum.

Anupam Finserv Limited reported a sharp increase in profitability for the first quarter of FY27, with standalone net profit rising 63.9% year-on-year to ₹56.15 lakh. The Mumbai-based financial services firm saw its total revenue from operations jump 46.5% to ₹170.27 lakh, driven primarily by higher interest income and significant gains from fair value changes. This performance underscores the strength of its financing segment, which continues to be the primary profit engine despite a loss in the leasing division.

The Board of Directors approved these unaudited financial results during a meeting held on August 12, 2026. In a separate resolution, the Board approved the preferential issuance of up to 4,000,000 equity share warrants to promoter Pravin Nanji Gala. These warrants are convertible into one equity share each at an exercise price of ₹1.92 per share, aggregating to ₹76.80 lakh. The issuance is subject to shareholder consent and regulatory approvals under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Financial Performance

Interest income, the largest revenue component, increased 69.7% to ₹135.68 lakh from ₹79.97 lakh in Q1FY26. This growth was complemented by a surge in net gain on fair value changes, which rose to ₹23.58 lakh from ₹9.11 lakh in the same period last year. Additionally, the company recorded an impairment reversal of ₹4.83 lakh on financial instruments. However, lease income declined significantly to ₹3.09 lakh from ₹18.21 lakh, reflecting a contraction in that specific business line.

Expenses rose 38.4% to ₹97.63 lakh, largely due to higher finance costs (₹28.38 lakh vs ₹5.05 lakh) and employee benefits expenses (₹31.58 lakh vs ₹24.86 lakh). Despite the expense increase, the top-line growth outpaced cost inflation, leading to a substantial improvement in pre-tax profit, which reached ₹74.13 lakh compared to ₹45.70 lakh in Q1FY26.

Capital Structure Changes

The proposed warrant issuance will alter the promoter's shareholding pattern if fully converted. Pravin Nanji Gala currently holds 4,12,75,700 shares, representing 21.751% of the company's equity. Upon conversion of all 4,000,000 warrants, his holding would increase to 4,52,75,700 shares, raising his stake to 23.366%. The warrants carry an 18-month tenure from the date of allotment. Holders must pay 25% of the exercise price at subscription, with the remaining 75% due upon conversion. Failure to exercise within the tenure results in forfeiture of the initial payment.

What the Numbers Show

The divergence between the Financing and Leasing segments highlights Anupam Finserv's evolving business mix. While the Financing segment generated a robust pre-tax result of ₹135.52 lakh, the Leasing segment posted a loss of ₹17.33 lakh, down from a smaller loss of ₹10.16 lakh in Q1FY26. This suggests that while the core lending book is expanding and generating healthy yields, the leasing portfolio is facing headwinds, contributing to a decline in overall lease income. Investors should monitor whether the leasing segment stabilizes or requires further strategic review in subsequent quarters.