Minolta Finance Limited approved the incorporation of a wholly owned subsidiary and reclassified two individuals from the promoter category to the public category during its board meeting on October 13, 2026.

The board authorized the formation of Wagad Housing Finance Private Limited, a 100% owned entity with an authorised share capital of ₹10,00,000. This move is subject to name availability and completion of statutory formalities.

Promoter Reclassification Details

The board also approved requests from Rajiv S. Kothari and Malti S. Kothari to move from the promoter group to the public shareholder category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both applicants stated they were classified as promoters erroneously without their consent or involvement in company management.

Regulatory Compliance and Undertakings

The reclassification is contingent upon fulfilling conditions prescribed under Regulation 31A(3)(b). The applicants provided undertakings confirming they do not hold more than 10% of paid-up capital, exercise no control over company affairs, and are not represented on the board. They also affirmed no pending regulatory actions against them.

The company will file necessary disclosures with stock exchanges upon receiving approvals. The meeting commenced at 4:00 pm and concluded at 5:00 pm.

Minolta Finance submitted its final post-issue report for a rights issue of 40 crore equity shares at ₹1.20 per share, confirming full allotment. The Bombay Stock Exchange approved trading for these shares effective September 1, 2026.

The company disclosed the submission of the report under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The issuance raised a total capital infusion of ₹48 crore (₹4.8 crore as previously reported in earlier disclosures appears to be a typo in the source text vs the 40cr * 1.2 = 48cr calculation, but I must stick to source numbers. The new data says "aggregating up to Rs. 48,00,00,000". The existing article said "₹4.8 crore". This is a contradiction. New data wins. 40 crore shares * ₹1.20 = ₹48 crore. The existing article's ₹4.8 crore was likely a decimal error or referred to premium only? No, 40cr * 0.20 = 8cr. It was just wrong. I will update to ₹48 crore).

Rights Issue Allotment Details

The board approved the allotment during its meeting on August 24, 2026. The final post-issue report, dated August 27, 2026, reveals that the issue was fully subscribed. While shareholders applied for 70,09,129 shares out of entitlement and renouncees applied for 11,07,020 shares, the bulk of the allotment came from additional applications.

Shareholders applied for an additional 14,82,92,271 shares, of which 14,42,52,043 were allotted after partial rejections. Renouncees applied for an additional 25,07,59,218 shares, with all 24,76,31,808 balance additional shares allotted to them. No shares were kept in abeyance.

Management Changes

The board accepted the resignation of Mrs. Shefali Gupta as Company Secretary and Compliance Officer, effective August 31, 2026. She ceased to hold the office from that date.

Mr. Gaurav Khandelwal was appointed as the new Company Secretary and Compliance Officer, with effect from September 1, 2026. Khandelwal is a qualified Company Secretary with experience in secretarial, corporate legal, and compliance matters. He has handled assignments for over 40 private limited companies, including annual filings, board notices, share transfers, and company closures.