Raama Finance Limited has announced the resignation of its Whole Time Director and Internal Auditor, both effective from April 02, 2026. The company informed BSE Limited about these key leadership changes through a regulatory filing dated April 03, 2026, in compliance with SEBI disclosure requirements.

Whole Time Director Resignation

Mr. Pradeep Saremal Jain (DIN: 03363790) tendered his resignation from the position of Whole Time Director effective April 02, 2026. The resignation was attributed to personal reasons, as confirmed in his formal resignation letter to the Board of Directors.

In his resignation letter, Mr. Jain confirmed that his decision was purely based on personal grounds with no other material reasons. He expressed gratitude to the Board and management for their support during his tenure and wished the company continued success.

Internal Auditor Resignation

H M Savla & Co., Chartered Accountants, also resigned from their position as Internal Auditors of the company effective April 02, 2026. The resignation was primarily driven by geographical constraints and workload considerations.

The auditing firm cited practical challenges in conducting internal audits due to the geographical distance between their Mumbai-based operations and the company's Vadodara location. They also mentioned preoccupation with other work commitments as a contributing factor to their decision.

Regulatory Compliance

Raama Finance Limited has fulfilled all regulatory disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed annexures containing specific information about both resignations as mandated by SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The resignation letter from the Whole Time Director will be placed before the Board of Directors in the upcoming Board Meeting for formal consideration and acceptance. Both resignations represent significant changes in the company's leadership structure and internal governance framework.

Raama Finance Limited has announced the successful allotment of 11,40,00,000 convertible warrants worth ₹54.72 crores on March 17, 2026. The preferential issue was conducted at ₹4.80 per warrant, with each warrant convertible into one equity share of face value Re. 1 each.

Warrant Allotment Details

The company received BSE's in-principle approval letter no. LOD/PREF/HC/FIP/1831/2025-26 dated March 09, 2026, following shareholder approval at the Extra-Ordinary General Meeting held on November 21, 2025. The warrants were allotted to 27 investors comprising promoters, promoter group, and public investors.

Major Allottees and Distribution

The warrant allocation spans across promoter and non-promoter categories, with significant participation from institutional and individual investors:

Promoter Category

Major Non-Promoter Allottees

Post-Conversion Shareholding Impact

Upon full conversion of warrants, the shareholding pattern will witness significant changes. Akhil Mittal's holding will increase from 2,22,89,981 shares (27.46%) to 2,97,89,981 shares (15.26%), while DS Family Office Trust will acquire 75,00,000 shares representing 3.84% stake. SKG Assets Management Pvt Ltd will emerge as a major shareholder with 10.25% holding post-conversion.

Regulatory Compliance and Terms

The convertible warrants are issued in electronic form and subject to lock-in provisions as per SEBI ICDR Regulations 2018. Each warrant entitles the holder to apply for one equity share upon payment of the remaining 75% of the issue price within 18 months from the allotment date.

The warrants must be exercised within the 18-month tenure, failing which they will lapse and the subscription amount will be forfeited by the company. The pricing and conversion terms comply with Chapter V of SEBI ICDR Regulations and have been structured for cash consideration.

Financial Structure

The company has received 25% of the total consideration amounting to ₹13.68 crores at the time of allotment, with the balance ₹41.04 crores payable upon warrant exercise. This capital raising initiative strengthens the company's financial position while providing flexibility to warrant holders for conversion timing within the stipulated period.