Kanungo Financiers

Kanungo Financiers' board, at its adjourned meeting on 24 July, approved the acquisition of 19.5% stakes in Startech Infralogistics Private Limited and Peepal Mining and Logistics Private Limited through a share swap, issuing 2.12 crore and 1.94 crore shares respectively at ₹20 per share. The board also approved a preferential issue of 4.06 crore equity shares at ₹20 apiece to a group of investors, aggregating ₹81.32 crore, and increased the authorised share capital from ₹5.24 crore to ₹50 crore. These actions will be placed before shareholders at an extraordinary general meeting on 21 August. Separately, Managing Director and CFO Chirag Kirtikumar Shah resigned citing personal commitments, and Atul Ankush Marathe was appointed as executive director and CFO.

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July 24 (Reuters) - Kanungo Financiers Ltd KANG.BO:

• KANUNGO FINANCIERS - APPROVED ACQUISITION OF STARTECH INFRALOGISTICS FOR CONSIDERATION OF 424.9 MILLION RUPEES

• KANUNGO FINANCIERS - APPROVED ACQUISITION OF PEEPAL MINING AND LOGISTICS FOR 388.3 MILLION RUPEES

Source text: ID:nnAZN4T9UG0

Further company coverage: KANG.BO

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Kanungo Financiers' board will meet on 22 July 2026 to take a final decision on the acquisition of Startech Infralogistics Private Limited and Peepal Mining and Logistics Private Limited, for which in-principle approval was granted on 29 June 2026. The board intends to approve the issuance of equity shares on a preferential basis to the shareholders of the two targets as consideration for the acquisition, executing the deal through a share swap. A separate preferential issue of equity shares to raise fresh funds will also be discussed, along with an increase in the company's authorised capital.

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Kanungo Financiers, a micro-cap non-banking finance company, has received a final order from the Securities and Exchange Board of India imposing a ₹50 lakh penalty and barring it from the securities market for four years. The order stems from SEBI's investigation into a multi-scrip manipulation scheme led by Hanif Shekh, in which Kanungo Financiers was named as a conduit for routing unlawful gains. The company was found to have facilitated the transfer of proceeds from offloaded shares to entities controlled by the scheme's mastermind. Alongside the penalty, the company is prohibited from buying, selling or otherwise dealing in securities. Kanungo Financiers said it is reviewing the order with legal advisers and will take appropriate action as advised.

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Kanungo Financiers' board will meet on June 29 to consider a sweeping corporate restructuring agenda, including an increase in authorized capital, a change in the object clause of its Memorandum of Association, and higher limits for lending, investments, and borrowing. The meeting will also discuss an investment proposal involving the acquisition of equity shares of another company, subject to valuations and due diligence, with the appointment of intermediaries to support the process.

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April 13 (Reuters) - Kanungo Financiers Ltd KANG.BO:

• KANUNGO FINANCIERS LTD - BOARD DISCUSSES FUND RAISING THROUGH PREFERENTIAL ISSUE OF EQUITY SHARES

Source text: ID:nBSE24GZSz

Further company coverage: KANG.BO

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