Bobros Consultancy Services Private Limited has reduced its equity stake in Minolta Finance following an open market sale. The consultancy firm disposed of 2,62,670 shares on August 13, 2026, bringing its total holding down from 7.92% to 7.66% of the target company's voting capital.

The transaction was disclosed in a filing submitted to the BSE and the Calcutta Stock Exchange on August 14, 2026. The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates reporting for substantial acquisitions or disposals.

Transaction Details

Before the sale, Bobros Consultancy held 79,19,373 shares carrying voting rights, accounting for 7.92% of Minolta Finance's total share capital. The company's total equity share capital stands at 10,00,00,000 shares, as per the shareholding pattern disclosed as on June 30, 2026.

Following the disposal, Bobros Consultancy's holding stands at 76,56,703 shares. This represents a 0.26% reduction in its stake relative to the total voting capital. The acquirer is not part of the promoter or promoter group of Minolta Finance.

What the Numbers Show

The reduction in stake indicates a partial exit strategy by Bobros Consultancy, though it retains a significant single-digit holding. With the post-transaction stake at 7.66%, the entity remains a notable shareholder but has moved further away from the 5% threshold triggers that often accompany larger block trades. The open market mode suggests a gradual reduction rather than a block deal, potentially to minimize market impact.

Regulatory Compliance

The filing was authorized by Venu Gopal Oguri, Director of Bobros Consultancy Services Private Limited. The company, formerly known as Humming Wheels Private Limited, is registered under the Companies Act, 1956. Its registered office is located in Narasaraopet, Andhra Pradesh, with a branch office in Hyderabad, Telangana.

Minolta Finance Limited reported a net profit of ₹46.81 lakh for the quarter ended June 30, 2026, marking a turnaround from a net loss of ₹56.00 lakh in the corresponding period of the previous year. The Board of Directors approved the unaudited financial results on August 11, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Despite the return to profitability, statutory auditors JCR & Co. LLP raised serious concerns regarding data integrity, missing documentation for loans and investments, and pending regulatory approvals, signaling underlying operational risks that could impact future financial reporting.

The company’s revenue from operations, primarily interest income, rose significantly to ₹491.33 lakh in Q1FY26, compared to ₹205.31 lakh in Q1FY25. Total income stood at ₹491.33 lakh, while total expenses were ₹461.50 lakh. The improvement in profitability was driven by higher interest income and lower impairment charges relative to the prior year’s expense structure, although finance costs remained substantial at ₹407.90 lakh. In addition to approving the financials, the Board authorized the appointment of M/s. CGCA & Associates, Chartered Accountants (Firm Registration No. 123393W/W100755), as Tax Auditors & Consultant. The Board also approved the Notice convening the Annual General Meeting and fixed its date, time, and venue.

Financial Performance

Strategic Changes and Governance

The Board approved strategic changes, including a proposal to rename the company to "Wagad Finance Limited" or such other name as may be made available by the Ministry of Corporate Affairs, subject to shareholder and regulatory approvals. Additionally, the Board approved shifting the registered office from West Bengal (Kolkata) to Mumbai, Maharashtra, also subject to shareholder and statutory approvals. A separate resolution approved shifting the registered office within the local limits of Kolkata, indicating ongoing administrative restructuring.

Audit Qualifications and Governance Risks

Statutory auditors JCR & Co. LLP issued a limited review report with significant qualifications. The auditors noted that interest expenses are understated because loan documents are missing, making quantification impossible. Furthermore, the company holds quoted and unquoted share investments worth ₹62.87 lakh but lacks ownership documents, preventing verification of their carrying value.

The audit report highlighted that the company considered recoveries of ₹2.94 crore from Radiant Financial Services Ltd. for a period subsequent to the reporting date. This treatment resulted in an understatement of the Expected Credit Loss (ECL) provision by ₹2.94 crore and an overstatement of profit by the same amount. Additionally, an assignment of debt worth ₹6.18 crore to Radiant Financial Services Ltd., dated June 30, 2026, lacked board approval and supporting assignment letters at the time of review.

Regulatory and Operational Concerns

The auditors disclosed that the company filed an application with the Reserve Bank of India (RBI) in March 2026 for approval of management changes, which is still awaited. NBFC regulations require prior written permission from the RBI for any takeover or acquisition of control. The report also noted a ransomware cyber-attack on July 3, 2026, which compromised all financial data and backups. While management claims no financial loss occurred, the inability to recover data poses significant operational risks. Finally, the auditors observed that Profession Tax deducted from employee salaries has not been remitted to authorities, and the company lacks mandatory professional tax registration.