Jagsonpal Services Limited has received approval from the Reserve Bank of India (RBI) to acquire 100% shareholding and control in Welcast Finstocks Private Limited, a Non-Banking Financial Company. The approval, conveyed via a letter dated July 2, 2026, allows the company to proceed with the acquisition subject to compliance with the Master Direction - Reserve Bank of India (Non-Banking Financial Companies - Acquisition of Shareholding or Control) Directions, 2025, and other applicable regulations.

The company had entered into a Share Purchase Agreement on August 18, 2025, to acquire Welcast and filed an application with the RBI in December 2025. In a disclosure to BSE Limited on July 3, 2026, the company confirmed it would commence the acquisition process immediately while adhering to all relevant statutory provisions.

Prior to receiving the approval, the company had initiated a postal ballot process to reallocate funds raised through a preferential issue of equity shares. The preferential issue, approved by shareholders on February 15, 2025, involved the allotment of 1,27,05,000 equity shares at a price of ₹12.50 per share, raising total proceeds of ₹15.88 crore.

The Board of Directors, based on the recommendations of the Audit Committee, had approved a revised utilization plan to address the changed business environment. The proposal involved reducing the allocation for the NBFC license to ₹5.00 crore, increasing the allocation for financial technology development to ₹7.88 crore, and raising the allocation for general corporate purposes to ₹3.00 crore. As of March 31, 2026, the company had utilized approximately ₹1.478 crore of the funds earmarked for the NBFC license.

Reallocation of Funds

The remote e-voting period for the postal ballot commences on July 2, 2026, at 9:00 a.m. IST and concludes on July 31, 2026, at 5:00 p.m. IST. The cut-off date for determining shareholder eligibility is June 26, 2026. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process.

Jagsonpal Services Limited has appointed Mr. Pranav Chaware as its Company Secretary and Compliance Officer, effective June 29, 2026. The Board of Directors approved the appointment based on the recommendation of the Nomination and Remuneration Committee. Mr. Chaware has been authorized to determine the materiality of events or information for disclosures to the stock exchange, in addition to his other responsibilities as Key Managerial Personnel.

The Board meeting, held on June 29, 2026, also considered the reallocation of proceeds raised from a preferential issue of equity shares. This reallocation is subject to the approval of shareholders and relates to the issue approved via a Special Resolution dated February 15, 2025. The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Pranav Chaware is a qualified Company Secretary and an Associate member of the Institute of Company Secretaries of India (ICSI). He holds membership number A42446 and brings over 10 years of experience across multiple sectors. His expertise includes compliance under the Companies Act, 2013, SEBI Regulations, and the RBI's FEMA framework.

Appointment Details

The meeting commenced at 11:45 a.m. and concluded at 12:45 p.m. The filing was signed by Karthik Srinivasan, Chairman, Managing Director, and Chief Financial Officer of Jagsonpal Services Limited.