Leading Leasing Finance and Investment Company Limited shareholders approved a significant expansion of the company's capital structure during its 42nd Annual General Meeting held on September 26, 2026. The meeting concluded with the adoption of resolutions to increase authorized share capital and authorize the issuance of convertible warrants and equity shares on a preferential basis.

The AGM, chaired by Managing Director Ketankumar Shivabhai Gosai, was held at the company's registered office in Mumbai. The proceedings included the adoption of financial statements for FY26 and the re-appointment of Mr. Gosai as Managing Director, who retired by rotation and offered himself for re-election.

Capital structure changes

A key resolution passed at the meeting involved increasing the company's authorized share capital from ₹60 crore to ₹164 crore. This substantial increase provides the headroom necessary for the subsequent preferential allotments approved by the shareholders.

The shareholders also approved two specific issuance plans under special resolutions:

• Issuance of up to 35,71,42,856 equity shares on a preferential basis to non-promoter categories upon the conversion of outstanding unsecured loans.
• Issue of 70,93,57,119 convertible warrants on a preferential basis.

Meeting proceedings and voting results

The voting results for the resolutions were conducted through an e-voting facility provided by the company between September 23, 2026, and September 25, 2026. Ballot voting also took place during the physical meeting. The final results are scheduled to be published on the websites of BSE Limited and Metropolitan Stock Exchange of India Limited within two working days of the conclusion of the AGM.

The scrutinizer's consolidated report, submitted by Dharti Patel & Associates on September 29, 2026, confirmed that all five resolutions were passed with requisite majority. Notably, the special resolutions regarding equity share issuance and convertible warrants received support from 96.88% of votes polled, despite opposition from remote e-voters.

What the numbers show

The simultaneous approval of a large convertible warrant issue and equity share conversion suggests a strategic effort to strengthen the balance sheet through debt-to-equity conversion and potential fresh capital infusion. The magnitude of the warrant issue (70.93 crore warrants) significantly exceeds the equity share conversion count (35.71 crore shares), indicating a primary focus on raising new capital via warrants rather than just cleaning up existing liabilities.

Voting patterns reveal a divergence between physical attendees and remote e-voters. While venue voting showed 100% support for all resolutions, remote e-voting saw significant dissent on the special resolutions (approximately 71% against), though the sheer volume of shares voted at the venue ensured passage.

Leading Leasing Finance issued a corrigendum to its Annual General Meeting (AGM) notice on September 9, 2026. The update addresses clarifications sought by the Bombay Stock Exchange (BSE) regarding a proposed preferential issue of equity shares and convertible warrants.

The company scheduled its AGM for September 26, 2026, at its registered office in Mumbai. The original notice, dated August 27, 2026, and dispatched on August 31, 2026, sought shareholder approval for two key capital raising measures under Items 4 and 5.

Preferential Issue Details

Item 4 proposes the issuance of up to 35,71,42,856 equity shares on a preferential basis to non-promoter category allottees. This issuance involves the conversion of outstanding unsecured loans. Item 5 proposes the issue of 70,93,57,119 convertible warrants on a preferential basis.

Valuation and Pricing Corrections

The BSE requested additional information regarding the pricing basis for the preferential issue. The company cited an inadvertent error in the calculation of the 10 trading days' Volume Weighted Average Price (VWAP) in the initial disclosure.

The floor price is determined by the higher of the 90-day or 10-day VWAP. The initial valuation report dated August 27, 2026, by independent registered valuer Mr. Manish Santosh Buchasia, arrived at a price of ₹1.36 per share. Management set the issue price at ₹1.40 per share, which exceeds the regulatory floor.

Revised Documentation

To rectify the calculation error, the company obtained a revised valuation report dated September 9, 2026, in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. A revised pricing certificate was also issued by M/s S.K. Bhavsar & Co., practicing Chartered Accountants.

M/s Dharti Patel & Associates, practicing Company Secretaries, certified that the preferential allotment complies with SEBI ICDR Regulations. All revised documents are available on the company's website and at its registered office for inspection during business hours.