NCL Research and Financial Services Limited disclosed that GCM Capital Advisors Limited, along with persons acting in concert (PACs), acquired 8.70 crore shares representing 5.54% of the company's total share capital.

The acquisition was executed through an allotment in a rights issue on September 21, 2026. Following this transaction, the combined holding of GCM Capital Advisors, Rupasi Traders Private Limited, and Blue Lagoon Trading Private Limited stands at 8.703 crore shares. None of the entities involved belong to the promoter or promoter group.

Capital Structure Impact

The rights issue significantly expanded the company's equity base. The total equity share capital rose from ₹107.03 crore prior to the allotment to ₹156.98 crore post-transaction. The diluted share capital matches the total voting capital at ₹156.98 crore, indicating no outstanding convertible instruments affecting the dilution calculation.

What the Numbers Show

The filing highlights a massive shift in the acquirer group's position, moving from a negligible pre-existing holding of 30,000 shares to a substantial 5.54% stake. This jump is driven entirely by the participation in the rights issue, as no open market purchases or off-market transfers were reported for this specific disclosure. The increase in equity capital by approximately ₹49.95 crore suggests a significant capital infusion into the company through this mechanism.

NCL Research & Financial Services Limited has fixed August 27, 2026, as the record date for its proposed rights issue of ₹4,994.86 lakh. The Board of Directors approved the capital raise and revised agenda during its meeting on August 21, 2026.

The company will issue 49,94,86,400 equity shares with a face value of ₹1 each to eligible shareholders. The rights issue is priced at ₹1 per share, including nil premium. This follows an earlier board discussion on February 23, 2026, which initiated the process for the offer.

Key Issue Details

The board determined the specific parameters for the capital raise, including the total size, share count, and entitlement ratio. Directors also approved the regulatory documents required for the launch.

• Issue Size: ₹4,994.86 lakh
• Shares Offered: 49,94,86,400 equity shares
• Face Value: ₹1 per share
• Issue Price: ₹1 per share (Nil premium)
• Entitlement Ratio: 7 new shares for every 15 existing shares
• Record Date: August 27, 2026
• Issue Period: September 3, 2026 to September 18, 2026

Eligible equity shareholders will have right entitlements credited to their demat accounts prior to the issue opening date. The company has arranged for NSDL and CDSL to handle the credit of these entitlements.

Regulatory Compliance

The approval aligns with Regulations 30 and 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also complies with Regulation 68 of the SEBI ICDR Regulations, 2018.

Goutam Bose, Managing Director, signed the intimation dated August 21, 2026. The company submitted these details to BSE Limited for official recording.