Kanungo Financiers Ltd Approves Major Acquisitions of SIPL and PMLPL; Announces Capital Restructuring and Governance Changes

Kanungo Financiers Ltd Approves Major Acquisitions of SIPL and PMLPL; Announces Capital Restructuring and Governance Changes​

Kanungo Financiers Limited announced significant strategic decisions following the Adjourned Meeting of its Board of Directors held on July 24, 2026. The board approved the acquisitions of a stake in M/s Startech Infralogistics Private Limited (SIPL) and M/s Peepal Mining and Logistics Private Limited (PMLPL), alongside approving proposals for increasing authorized share capital and implementing a preferential allotment plan.

The company also made key changes to its senior management, including the resignation of Mr. Chirag Kirtikumar Shah as Managing Director & CFO, and the appointment of Mr. Atul Ankush Marathe as Executive Director & CFO.

Strategic Acquisitions Approved​

In a move toward diversification and new revenue streams, Kanungo Financiers approved the acquisition of equity shares in two target companies. Both transactions involved purchasing 19.50% of the target entity's shareholding.

The details of the acquisitions are summarized below:


The acquisition of SIPL was approved for a total purchase consideration of Rs. 42,48,97,000/- at the specified price. This transaction will be discharged through a share swap by issuing up to 2,12,44,850 fully paid-up equity shares of Kanungo Financiers Limited (KFL) with a face value of Rs. 10/- each and an issue price of Rs. 20/-, resulting in SIPL becoming an Associate Company of KFL.

Similarly, the acquisition of PMLPL was approved for a total purchase consideration of Rs. 38,83,44,800/- at the specified price. This transaction will also be discharged through a share swap by issuing up to 1,94,17,240 fully paid-up equity shares of KFL with a face value of Rs. 10/- each and an issue price of Rs. 20/-, making PMLPL an Associate Company of KFL.

The board also took on record the valuation reports for both SIPL and PMLPL to ascertain the fair value of their equity shares, as well as the Compliance Certificate and Pricing Certificate for the preferential issue of equity shares.

Capital Restructuring and Preferential Allotment​

The meeting addressed material proposals related to the company’s capital structure. The board approved a proposal to increase the authorized share capital from Rs. 5,24,00,000/- (divided into 52,40,000 equity shares) to Rs. 50,00,00,000/-, by adding Rs. 44,76,00,000/- or 4,47,60,000 equity shares, subject to shareholder approval at an upcoming Extra Ordinary General Meeting (EOGM). The memorandum of association will also be altered concerning the capital clause, pending member approval.

Furthermore, the board approved a proposal for offering, issuing, and allotting 4,06,62,090 Equity Shares with a face value of Rs. 10/- at an issue price of Rs. 20/-, including a premium of Rs. 10/- per share. This offer is directed to the shareholders of SIPL and PMLPL for consideration other than cash (share swap).

Governance Updates​

The board meeting also addressed changes in senior management. Mr. Chirag Kirtikumar Shah resigned as Managing Director & CFO of Kanungo Financiers Limited, effective July 24, 2026, citing time constraints and other professional commitments. In response, the company appointed Mr. Atul Ankush Marathe (DIN: 08158359) as Executive Director and CFO, recognizing his background in finance and corporate management.

The board also approved a proposal for an Extra Ordinary General Meeting (EOGM), which is scheduled for August 21, 2026, and approved the appointment of a Scrutinizer for the EOGM e-Voting facility.

Stock Price Movement​

Kanungo Financiers Ltd shares settled at ₹9.40 on Friday, ticking up 4.10%. The stock traded within a narrow range for the session, hitting a low of ₹9.40 and achieving an intraday high of ₹9.48.