Minolta Finance Limited will hold a board meeting on October 13, 2026, to consider the incorporation of a wholly owned subsidiary named Wagad Housing Finance Private Limited. The proposed entity will have an authorised share capital of ₹10,00,000.

The company filed the intimation with BSE and Calcutta Stock Exchange on October 8, 2026. The agenda also includes a request for the reclassification of certain members from the Promoter and Promoter Group category to the Public category. This move is subject to necessary approvals from stock exchanges and regulatory authorities.

Regulatory compliance and approvals

The reclassification process will adhere to Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Minolta Finance confirmed that all applicable conditions and approvals must be fulfilled before the reclassification is undertaken.

Proposed subsidiary details

The board will evaluate the creation of the new housing finance entity alongside the shareholder structure changes.

The incorporation of the subsidiary is subject to such approvals as may be required by relevant authorities. The company did not disclose further financial details regarding the operational scope or capital infusion plans for the new entity in this filing.

Minolta Finance Limited shareholders approved a name change to "Wagad Finance Limited" during the 34th Annual General Meeting held on September 30, 2026. The resolution, passed with a requisite majority, also authorized the shifting of the company's registered office from West Bengal to Maharashtra.

The meeting, conducted via video conferencing, saw the passage of five resolutions in total. These included the adoption of standalone financial statements for FY26 and significant changes to the board composition. The voting results were disclosed pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key governance changes approved

Shareholders voted to appoint Ms. Forum Gada as the new Managing Director of the company. Additionally, a special resolution was passed to change the designation of Mrs. Kunjal Gala from Non-Executive Director to Executive Director. These appointments signal a restructuring of the leadership team alongside the corporate identity change.

The proposal to rename the entity to "Wagad Finance Limited" is subject to the availability of the name with the Ministry of Corporate Affairs. The shift of the registered office to Maharashtra aligns with the company's existing corporate office location in Mumbai.

Voting participation details

The AGM was held entirely through video conferencing and other audio-visual means. No physical attendance or proxy votes were recorded. The voting results indicate high approval rates for all proposed resolutions among participating shareholders.

What the Numbers Show

The voting data reveals a complete absence of promoter participation in the e-voting process for this AGM. While the promoter group holds 3,589,910 shares, zero votes were cast by them across all five resolutions. All valid votes were cast by public non-institutional shareholders, who polled approximately 7.51% of their holding on outstanding shares. This indicates that the governance decisions were ratified solely by retail investor consensus.