Ikoma Technologies Limited approved a fundraising plan of up to ₹50 crore through a rights issue and the acquisition of a 51% stake in ICM Insurance Brokers Private Limited for approximately ₹29.92 crore, pending necessary regulatory approvals, to diversify its business operations. The Board of Directors, meeting on June 05, 2026, sanctioned the issuance of 2,77,70,571 fully paid-up equity shares of ₹10 each to eligible shareholders on a rights basis. The company stated that these strategic moves aim to expand into allied and complementary activities, enhancing business opportunities and creating value for stakeholders. The meeting was held via video-conferencing, commencing at 06:30 P.M. and concluding at 06:46 P.M.

The Board constituted a Rights Issue Committee to determine the specific terms of the issuance, including the issue price, rights entitlement ratio, and record date. The fundraising is subject to necessary approvals under the Companies Act, 2013, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Acquisition Details

The acquisition of ICM Insurance Brokers Private Limited involves a cash consideration based on a valuation report. The target entity reported a provisional turnover of ₹31,42,21,648 for the financial year ended March 31, 2026. The transaction is classified as a related party transaction because the directors of the target entity and the company are common, though it will be conducted at arm's length. The company indicated that no specific governmental or regulatory approvals are required for the acquisition, which is expected to be completed within 90 days.

Financials of Target Entity

ICM Insurance Brokers Private Limited was incorporated on April 02, 2008. The entity operates in the insurance sector and has demonstrated significant growth in turnover over the past three years.

Ikoma Technologies Limited reported a net loss of ₹22.63 lakh for the financial year ended March 31, 2026, compared to a net profit of ₹131.85 lakh in the previous year. The company's revenue from operations for the year stood at ₹166.40 lakh, a significant decline from ₹1,982.75 lakh in FY25. The board of directors approved the audited standalone financial results for the quarter and year ended March 31, 2026, at a meeting held on May 29, 2026. The statutory auditors, M/s NYS & Co., issued an unmodified opinion on the standalone financial results.

Financial Performance

The company recorded a total income of ₹173.43 lakh for FY26, down from ₹2,032.55 lakh in the preceding year. For the quarter ended March 31, 2026, Ikoma Technologies reported a net loss of ₹7.56 lakh on a total income of ₹1.75 lakh. The basic and diluted earnings per share (EPS) for the year stood at ₹0.10, compared to ₹0.57 in FY25.

Board Decisions and Appointments

The board approved several key changes in its leadership structure. Mr. Bhavesh Bhairaram Lohar's designation was changed from Independent Director to Non-Executive Director. Additionally, the board appointed Mr. Nitesh Jain and Ms. Preeti Kiran Mehta as Additional Non-Executive Directors. The regularization of several directors, including Mr. Paras Chand Jain as Executive Director and Mr. Amit Balgotra and Mr. Jatin as Non-Executive Independent Directors, was also approved. The board further regularized Mr. Anil Kumar Kothari as a Non-Executive Independent Director.

Fund Raising and Compliance

While the board discussed raising funds through the issuance of equity shares or other eligible securities via private placement, rights issue, or qualified institutions placement, it decided to defer the matter for consideration at a meeting scheduled for June 5, 2026. Consequently, the trading window for insiders will remain closed until this agenda is discussed. The board also took note of fines levied by BSE for certain non-compliances and decided to file a waiver application for relaxation of the fine.