Viji Finance has allotted 8,85,00,000 convertible share warrants on a preferential basis to non-promoters and other persons, aggregating to a total issue size of ₹24,78,00,000. The warrants are priced at ₹2.80 each and are convertible into equivalent number of equity shares with a face value of Re.1. The allotment was approved by the Preferential Allotment Committee of the Board of Directors on June 16, 2026.

The company has received an aggregate upfront subscription of ₹6,19,50,000, which represents 25% of the total warrant consideration. The remaining 75% of the consideration is payable by the warrant holders at the time of exercising their conversion rights. The conversion must occur within a period of 18 months from the date of allotment, in accordance with applicable regulatory provisions. If the option is not exercised within this period, the warrants will lapse and the consideration paid will be forfeited.

The preferential issue was conducted pursuant to approvals granted by shareholders in an Extra-Ordinary General Meeting held on April 23, 2026. In-principle approval was received from BSE Limited, National Stock Exchange of India Limited (NSE), and The Calcutta Stock Exchange Limited (CSE) in June 2026. The warrants and the resultant equity shares arising upon conversion will be subject to lock-in requirements prescribed under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Allotment Details

The total size of the preferential issue was revised from the initially proposed ₹35,70,00,000, comprising 12,75,00,000 warrants, after three proposed investors—Vicky R. Jhaveri HUF, Rajesh Nanubhai Jhaveri HUF, and Mrs. Harsha Rajesh Jhaveri—did not participate. Consequently, the final allotment was reduced to 8,85,00,000 warrants.

The following table details the allottees and the number of warrants allotted to them:

The Board has authorized Mr. Vijay Kothari, Chairman & Managing Director, and CS Stuti Sinha, Company Secretary and Compliance Officer, to complete the necessary formalities, including applying for the creation of an ISIN for the convertible warrants and submitting documents to the stock exchanges, depositories, and the Registrar of Companies.

Viji Finance disclosed on May 28, 2026, that BSE and NSE imposed a fine of ₹1,35,700 each on the company for alleged non-compliance with board composition requirements. The penalties were levied via email communications dated May 27, 2026, citing Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates that the board of directors of the top 2000 listed entities comprise not less than six directors.

The company stated that the fine was imposed without an adequate opportunity to be heard. Viji Finance contends that it does not fall within the category of the top 2000 listed entities and, therefore, the relevant provisions are not applicable. It had previously submitted detailed clarifications to the NSE on May 9, May 22, and May 26, 2026, explaining its position regarding the applicability of Regulations 15 and 17 to 27 of the SEBI LODR Regulations.

Despite these representations, the exchanges proceeded with the imposition of the fine. Viji Finance is currently in the process of submitting an appropriate response and representation before the stock exchanges to address the issue. The company confirmed that there is no material impact on its financial, operational, or other activities, except for the monetary liability of the fine amount.

Details of Regulatory Action