Rita Finance & Leasing Limited has issued a postal ballot notice for e-voting following its board meeting approval of significant corporate restructuring initiatives. The company seeks shareholder approval for authorized capital increase and convertible warrant issuance through electronic voting scheduled from March 29 to April 27, 2026.

Board Meeting Outcomes and Regulatory Compliance

The board of directors successfully concluded its meeting on March 26, 2026, approving key strategic decisions under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The meeting resulted in comprehensive resolutions for capital structure enhancement and fund raising capabilities.

Authorized Capital Enhancement Approved

The board approved a substantial increase in authorized share capital from ₹10,00,00,000 to ₹16,00,00,000, demonstrating confidence in future growth prospects and operational expansion requirements. The capital increase requires consequent alteration of the Memorandum of Association, subject to members' approval through postal ballot.

E-Voting Schedule and Process

The company has engaged NSDL to provide e-voting facility to members. The postal ballot notice has been sent electronically to members whose email addresses are registered with the company or depositories as on March 20, 2026, being the cut-off date.

Warrant Issuance for Fund Raising

The board decided to raise funds through issuance of up to 60,00,000 warrants at ₹20.00 per warrant, including premium. Each warrant carries the right to subscribe to one equity share of face value ₹10 within 18 months from allotment date.

Major Allottee Distribution

The warrant allocation spans 18 investors with detailed shareholding implications upon conversion. The largest allocations go to Rajnikant C Shukla HUF, Sellwin Traders Limited, and Mideast Healthcare Private Limited, each receiving 7,90,000 warrants representing 4.94% post-conversion shareholding.

Additional Corporate Appointments

The postal ballot also seeks approval for regularization of two additional directors as independent directors. Mrs. Reshma Karan Morani (DIN: 00762924) and Mr. Nilesh Prafulbhai Thakkar (DIN: 11519752) were appointed as additional directors effective February 13, 2026, for five-year terms ending February 12, 2031.

The company also proposes appointment of M/s. Parth R. Shah & Co. (FRN: 153846W) as statutory auditors to fill the casual vacancy created by resignation of previous auditors. The payment structure requires warrant holders to pay 25% at subscription with balance 75% payable upon exercise within the 18-month period.

Rita Finance & Leasing has disclosed a significant pledge creation by its promoter under SEBI takeover regulations. The company filed the mandatory disclosure regarding the encumbrance of equity shares by promoter Pawan Kumar Mittal on March 20, 2026.

Pledge Details

The disclosure reveals comprehensive details about the share pledge arrangement executed on March 16, 2026:

Promoter Holdings Impact

Pawan Kumar Mittal's shareholding position shows the complete encumbrance of his stake in the company:

Regulatory Filing Process

The disclosure was made in accordance with regulation 31(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011. Director Sandip Patel (DIN: 10849576) signed the filing documents on behalf of the company, while promoter Pawan Kumar Mittal provided his separate disclosure as the pledging party.

The company submitted the required documentation to both stock exchanges where its shares are listed - BSE Limited (Security Code: 543256) and Metropolitan Stock Exchange of India Limited (Symbol: RFL). The pledge represents the entire promoter holding in the company, indicating a complete encumbrance of Pawan Kumar Mittal's stake for trading margin purposes with MSB e-Trade Securities Limited.