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Latest filing: 2026-10-08 17:14
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Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
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Kapil Raj Finance Revises Preferential Issue Price to ₹2.26, Total Issuance Exceeds ₹61.5 Cr
Kapil Raj Finance has issued a corrigendum to its AGM notice following observations from BSE and a revised valuation report. The preferential issue price has been revised upward from ₹2.24 to ₹2.26 per share (face value ₹1 plus premium of ₹1.26). This impacts a share-swap acquisition issue of 26.55 crore shares valued at ₹60.00 crore (to acquire 90% of a target company) and a cash preferential issue of 66.98 lakh shares valued at ₹1.51 crore. At ₹61.51 crore total, the planned issuance is massive compared to the company's current market cap of approximately ₹13 crore.
Confidence: HIGH
What changedThe preferential issue price was updated from ₹2.24 to ₹2.26 following comments from BSE and an updated registered valuer report.
Why it mattersThe overall transaction involves issuing over 27.2 crore new shares, resulting in massive equity dilution and a transformative shift in balance sheet size relative to its current ₹13 crore market cap.
Revised Issue Price: ₹2.26 per shareShare Swap Issue Size: ₹60,00,02,202Cash Preferential Issue Size: ₹1,51,37,480Total Fundraise/Swap vs Market Cap: ~473%AGM Date: October 21, 2026
📅 Short termShareholder voting and regulatory scrutiny by BSE will be the primary focus leading up to the AGM on October 21, 2026.
📈 Long termIf executed, the acquisition via the issuance of 26.55 crore shares will fundamentally restructure the company's equity base, operations, and earnings profile.
⚠ Risk flags
- Severe equity dilution given total issuance of over 27.2 crore shares against existing micro-cap capital base.
- Execution and integration risks relating to the 90% stake acquisition.
Key Highlights
Preferential issue price revised to ₹2.26 per share (including ₹1.26 premium) from ₹2.24 per share.
Proposed share-swap issue of up to 26,54,87,700 shares for consideration other than cash aggregating to ₹60,00,02,202 to acquire 90% stake.
Proposed preferential issue of 66,98,000 equity shares for cash consideration aggregating to ₹1,51,37,480.
Total issuance consideration across both items stands at approximately ₹61.51 crore against a company market cap of ₹13 crore.
Corrigendum issued after BSE observations and a revised valuation report dated October 08, 2026.
👀 What to Watch
Track the outcome of the 40th AGM voting on October 21, 2026, and monitor subsequent stock exchange approvals for the preferential allotment and details regarding the acquisition.
Open Offer for 26% Stake in Kapil Raj Finance at ₹2.24/Share
Acquirers Arpit Agarwal, Megha Agarwal, and Arpit Agarwal (HUF) have submitted a Draft Letter of Offer to acquire up to 9,92,12,282 equity shares of Kapil Raj Finance Ltd. The offer represents 26% of the total expanded voting equity share capital at a cash price of ₹2.24 per share, totaling up to approximately ₹22.22 crore. This open offer is triggered under SEBI SAST Regulations for acquiring control of the target NBFC. The proposed tendering period is slated to open on November 16, 2026, and close on November 30, 2026.
Confidence: HIGH
What changedAcquirers filed a Draft Letter of Offer with SEBI to acquire 26% voting capital to take over control of Kapil Raj Finance Ltd.
Why it mattersA successful takeover marks a complete change in management and control for the ₹13 crore market-cap NBFC, with the open offer size exceeding the current market cap.
Offer Price per share: ₹ 2.24Offer Size (shares): 9,92,12,282Voting Capital percentage: 26%Current Market Price: Rs 2.5Offer Value vs Market Cap: ~171%
📅 Short termThe offer price of ₹2.24 represents a discount to the recent market price of ₹2.5, which may weigh on near-term share price action pending competing bids or price revisions.
📈 Long termThe entry of new promoters could result in strategic realignment and capital injection for the company's NBFC business.
⚠ Risk flags
- Offer price of ₹2.24 is below the current market price of ₹2.5
- Pending SEBI and other potential statutory clearances
Key Highlights
Open offer to acquire up to 9,92,12,282 equity shares (26% voting share capital)
Offer price set at ₹2.24 per equity share (face value ₹1 each)
Total open offer size stands at approximately ₹22.22 crore
Tendering period scheduled from November 16, 2026, to November 30, 2026
Acquisition aims to obtain control of the target company under Regulations 3(1) and 4 of SEBI SAST
👀 What to Watch
Track SEBI's review and comments on the Draft Letter of Offer (expected by October 28, 2026) and the Independent Directors' committee recommendations scheduled by November 11, 2026.
Novus Capital Issues Detailed Public Statement for Open Offer in Kapil Raj Finance
Novus Capital Advisors Private Limited has submitted a Detailed Public Statement regarding an open offer under SEBI SAST Regulations for Kapil Raj Finance Ltd. The filing follows Regulations 3(1) and 4 read with Regulations 13, 14, and 15(2), indicating an acquisition or change in control. Kapil Raj Finance currently has a market capitalization of approximately Rs 13 crore and TTM revenue of Rs 29 crore. The specific offer price, tender timeline, and size of the offer were not decipherable from the provided newspaper advertisement clipping.
Confidence: LOW
What changedNovus Capital Advisors published the Detailed Public Statement announcing an open offer to acquire shares of Kapil Raj Finance Ltd.
Why it mattersAn open offer triggered under Regulations 3(1) and 4 typically indicates a change in promoter ownership or substantial acquisition of shares, which could alter the management and future trajectory of this Rs 13 crore market cap NBFC.
Announcement date: 28 September 2026Market Cap: Rs 13 CrOffer price: not disclosed
📅 Short termThe stock price is likely to react and track closely to the designated open offer price once fully disclosed in the offer documents.
📈 Long termAny structural impact depends on the identity, background, and business plans of the incoming acquirers.
⚠ Risk flags
- Low liquidity in micro-cap NBFC stock
- Incomplete offer details in the newspaper clipping extract
Key Highlights
Manager to the Offer, Novus Capital Advisors, submitted the Detailed Public Statement on 28 September 2026
Open offer triggered under SEBI (SAST) Regulations 3(1) and 4
Company market capitalization stands at Rs 13 Cr against TTM net worth of Rs 14 Cr
Specific offer price and acquirer details were not disclosed in the extract
👀 What to Watch
Track the full Letter of Offer and Detailed Public Statement for the open offer price, total shares sought, and the schedule of tender activities.
Kapil Raj Finance to acquire 90% in Henyo Pack via ₹59.5 Cr share swap preferential issue
Kapil Raj Finance has approved the acquisition of a 90% stake in Henyo Pack Limited through a share swap agreement. To fund this, the company will issue up to 26,54,87,700 equity shares of ₹1 face value at ₹2.24 per share (amounting to ~₹59.47 Cr) at a swap ratio of 100:1. The target entity operates in packaging and converted paper products and reported a turnover of ₹4,673.38 Lakhs (₹46.73 Cr) for FY25, which exceeds Kapil Raj's TTM revenue of ₹29 Cr. The board also approved issuing 66.98 lakh shares for cash to public non-promoters and proposed a corporate name change.
Confidence: HIGH
What changedKapil Raj Finance is pivoting into packaging by acquiring 90% of Henyo Pack Limited via a massive share swap preferential issue.
Why it mattersThe massive equity dilution (26.55 crore shares issued vs existing market cap of ₹13 Cr) fundamentally transforms the business model from an NBFC into packaging manufacturing.
Shares issued for swap: 26,54,87,700Issue price per share: ₹2.24Target FY25 turnover: Rs. 4,673.38 LakhsTarget turnover vs Kapil Raj TTM revenue: ~161%Swap issue value vs Kapil Raj Market Cap: ~457%
📅 Short termMarket attention will focus on AGM voting, SEBI/BSE listing approvals for the preferential issue, and operational details of the reverse integration.
📈 Long termMarks a complete structural pivot away from core finance/NBFC activities into flexible packaging manufacturing, radically altering the company's financial profile.
⚠ Risk flags
- Extreme equity dilution from massive share issuance
- Unrelated business diversification from financial services to packaging
- Governance risks with simultaneous auditor resignations and board churn
Key Highlights
Acquisition of 90% stake in Henyo Pack Limited via share swap of 100:1
Issuance of up to 26,54,87,700 equity shares at ₹2.24 per share (worth ~₹59.47 Cr)
Target Henyo Pack recorded FY25 turnover of ₹4,673.38 Lakhs (~₹46.73 Cr)
Additional preferential issuance of 66,98,000 equity shares to public category for cash
Authorized share capital proposed to increase from ₹11 Cr to ₹46 Cr
👀 What to Watch
Track shareholder approval at the upcoming 40th AGM, statutory approvals for reverse-merger style restructuring, and subsequent stock exchange clearance.
Kapil Raj Finance to acquire 90% in Henyo Pack via ₹59.5 Cr share swap preferential issue
Kapil Raj Finance has approved the acquisition of a 90% stake in Henyo Pack Limited through a share swap agreement. To fund this, the company will issue up to 26,54,87,700 equity shares of ₹1 face value at ₹2.24 per share (amounting to ~₹59.47 Cr) at a swap ratio of 100:1. The target entity operates in packaging and converted paper products and reported a turnover of ₹4,673.38 Lakhs (₹46.73 Cr) for FY25, which exceeds Kapil Raj's TTM revenue of ₹29 Cr. The board also approved issuing 66.98 lakh shares for cash to public non-promoters and proposed a corporate name change.
Confidence: HIGH
What changedKapil Raj Finance is pivoting into packaging by acquiring 90% of Henyo Pack Limited via a massive share swap preferential issue.
Why it mattersThe massive equity dilution (26.55 crore shares issued vs existing market cap of ₹13 Cr) fundamentally transforms the business model from an NBFC into packaging manufacturing.
Shares issued for swap: 26,54,87,700Issue price per share: ₹2.24Target FY25 turnover: Rs. 4,673.38 LakhsTarget turnover vs Kapil Raj TTM revenue: ~161%Swap issue value vs Kapil Raj Market Cap: ~457%
📅 Short termMarket attention will focus on AGM voting, SEBI/BSE listing approvals for the preferential issue, and operational details of the reverse integration.
📈 Long termMarks a complete structural pivot away from core finance/NBFC activities into flexible packaging manufacturing, radically altering the company's financial profile.
⚠ Risk flags
- Extreme equity dilution from massive share issuance
- Unrelated business diversification from financial services to packaging
- Governance risks with simultaneous auditor resignations and board churn
Key Highlights
Acquisition of 90% stake in Henyo Pack Limited via share swap of 100:1
Issuance of up to 26,54,87,700 equity shares at ₹2.24 per share (worth ~₹59.47 Cr)
Target Henyo Pack recorded FY25 turnover of ₹4,673.38 Lakhs (~₹46.73 Cr)
Additional preferential issuance of 66,98,000 equity shares to public category for cash
Authorized share capital proposed to increase from ₹11 Cr to ₹46 Cr
👀 What to Watch
Track shareholder approval at the upcoming 40th AGM, statutory approvals for reverse-merger style restructuring, and subsequent stock exchange clearance.
Kapil Raj Finance to acquire 90% in Henyo Pack via ₹59.5 Cr share swap preferential issue
Kapil Raj Finance has approved the acquisition of a 90% stake in Henyo Pack Limited through a share swap agreement. To fund this, the company will issue up to 26,54,87,700 equity shares of ₹1 face value at ₹2.24 per share (amounting to ~₹59.47 Cr) at a swap ratio of 100:1. The target entity operates in packaging and converted paper products and reported a turnover of ₹4,673.38 Lakhs (₹46.73 Cr) for FY25, which exceeds Kapil Raj's TTM revenue of ₹29 Cr. The board also approved issuing 66.98 lakh shares for cash to public non-promoters and proposed a corporate name change.
Confidence: HIGH
What changedKapil Raj Finance is pivoting into packaging by acquiring 90% of Henyo Pack Limited via a massive share swap preferential issue.
Why it mattersThe massive equity dilution (26.55 crore shares issued vs existing market cap of ₹13 Cr) fundamentally transforms the business model from an NBFC into packaging manufacturing.
Shares issued for swap: 26,54,87,700Issue price per share: ₹2.24Target FY25 turnover: Rs. 4,673.38 LakhsTarget turnover vs Kapil Raj TTM revenue: ~161%Swap issue value vs Kapil Raj Market Cap: ~457%
📅 Short termMarket attention will focus on AGM voting, SEBI/BSE listing approvals for the preferential issue, and operational details of the reverse integration.
📈 Long termMarks a complete structural pivot away from core finance/NBFC activities into flexible packaging manufacturing, radically altering the company's financial profile.
⚠ Risk flags
- Extreme equity dilution from massive share issuance
- Unrelated business diversification from financial services to packaging
- Governance risks with simultaneous auditor resignations and board churn
Key Highlights
Acquisition of 90% stake in Henyo Pack Limited via share swap of 100:1
Issuance of up to 26,54,87,700 equity shares at ₹2.24 per share (worth ~₹59.47 Cr)
Target Henyo Pack recorded FY25 turnover of ₹4,673.38 Lakhs (~₹46.73 Cr)
Additional preferential issuance of 66,98,000 equity shares to public category for cash
Authorized share capital proposed to increase from ₹11 Cr to ₹46 Cr
👀 What to Watch
Track shareholder approval at the upcoming 40th AGM, statutory approvals for reverse-merger style restructuring, and subsequent stock exchange clearance.
Kapil Raj Finance to Acquire 90% in Henyo Pack for ₹59.47 Cr via Share Swap
Kapil Raj Finance has approved acquiring a 90% stake in Henyo Pack Limited via a share swap agreement. To execute the deal, the company will issue up to 26,54,87,700 equity shares at ₹2.24 per share (worth ~₹59.47 crore) to Henyo's shareholders at a swap ratio of 100:1. In addition, it approved a preferential cash issue of 66,98,000 equity shares to public investors and plans to alter its object clause and company name to pivot into packaging. The target entity reported a turnover of ₹4,673.38 Lakhs (₹46.73 crore) for FY25, which is 1.6x Kapil Raj Finance's TTM revenue of ₹29 crore.
Confidence: HIGH
What changedKapil Raj Finance agreed to acquire 90% of packaging firm Henyo Pack via issuance of 26.55 crore new equity shares, shifting out of its core NBFC line of business.
Why it mattersThe massive equity issuance will result in extreme equity dilution, transforming the micro-cap NBFC (market cap ₹13 Cr) into an industrial packaging business with ₹46.73 Cr turnover.
Shares to be issued for swap: 26,54,87,700Issue price per share: ₹2.24Target FY25 Turnover: Rs. 4,673.38 LakhsTarget turnover vs TTM revenue: ~161%Proposed Authorised Capital: Rs. 46,00,00,000
📅 Short termMarket attention will focus on voting outcomes at the AGM and regulatory scrutiny on the massive share issuance and backdoor business transformation.
📈 Long termFundamentally transforms the company from a tiny finance entity into a flexible packaging manufacturer, completely altering business risk and earnings drivers.
⚠ Risk flags
- Severe equity dilution from 26.55 crore new shares issued
- Radical business pivot from financial services to packaging manufacturing
- Regulatory and stock exchange approval risks for reverse-takeover-style transactions
Key Highlights
Acquiring 90% equity stake (26,54,877 shares) of Henyo Pack Limited via share swap
Issuing up to 26,54,87,700 equity shares at ₹2.24 per share to Henyo shareholders (swap ratio of 100:1)
Preferential cash issue of 66,98,000 equity shares to Non-promoter Public category
Target entity Henyo Pack reported turnover of ₹4,673.38 Lakhs as of March 31, 2025
Authorised capital expanded from ₹11.00 Cr to ₹46.00 Cr, along with a proposed name and object clause change
👀 What to Watch
Track shareholder approval at the upcoming Annual General Meeting and subsequent stock exchange clearance for the massive share issuance and reverse-merger-like structural pivot.
Kapil Raj Finance to Acquire 90% in Henyo Pack for ₹59.47 Cr via Share Swap
Kapil Raj Finance has approved acquiring a 90% stake in Henyo Pack Limited via a share swap agreement. To execute the deal, the company will issue up to 26,54,87,700 equity shares at ₹2.24 per share (worth ~₹59.47 crore) to Henyo's shareholders at a swap ratio of 100:1. In addition, it approved a preferential cash issue of 66,98,000 equity shares to public investors and plans to alter its object clause and company name to pivot into packaging. The target entity reported a turnover of ₹4,673.38 Lakhs (₹46.73 crore) for FY25, which is 1.6x Kapil Raj Finance's TTM revenue of ₹29 crore.
Confidence: HIGH
What changedKapil Raj Finance agreed to acquire 90% of packaging firm Henyo Pack via issuance of 26.55 crore new equity shares, shifting out of its core NBFC line of business.
Why it mattersThe massive equity issuance will result in extreme equity dilution, transforming the micro-cap NBFC (market cap ₹13 Cr) into an industrial packaging business with ₹46.73 Cr turnover.
Shares to be issued for swap: 26,54,87,700Issue price per share: ₹2.24Target FY25 Turnover: Rs. 4,673.38 LakhsTarget turnover vs TTM revenue: ~161%Proposed Authorised Capital: Rs. 46,00,00,000
📅 Short termMarket attention will focus on voting outcomes at the AGM and regulatory scrutiny on the massive share issuance and backdoor business transformation.
📈 Long termFundamentally transforms the company from a tiny finance entity into a flexible packaging manufacturer, completely altering business risk and earnings drivers.
⚠ Risk flags
- Severe equity dilution from 26.55 crore new shares issued
- Radical business pivot from financial services to packaging manufacturing
- Regulatory and stock exchange approval risks for reverse-takeover-style transactions
Key Highlights
Acquiring 90% equity stake (26,54,877 shares) of Henyo Pack Limited via share swap
Issuing up to 26,54,87,700 equity shares at ₹2.24 per share to Henyo shareholders (swap ratio of 100:1)
Preferential cash issue of 66,98,000 equity shares to Non-promoter Public category
Target entity Henyo Pack reported turnover of ₹4,673.38 Lakhs as of March 31, 2025
Authorised capital expanded from ₹11.00 Cr to ₹46.00 Cr, along with a proposed name and object clause change
👀 What to Watch
Track shareholder approval at the upcoming Annual General Meeting and subsequent stock exchange clearance for the massive share issuance and reverse-merger-like structural pivot.
Rs 12.5 Lakh PAT in Q1 FY27: Kapil Raj Finance reports 490% YoY profit growth
Kapil Raj Finance reported a net profit of Rs 12.50 Lakhs for the quarter ended June 2026, a significant increase from Rs 2.12 Lakhs in the same quarter last year. Revenue from interest income doubled to Rs 20.00 Lakhs compared to Rs 10.00 Lakhs YoY. While the percentage growth is high, the absolute quarterly revenue of Rs 0.20 Cr is less than 1% of the TTM revenue of Rs 29 Cr, suggesting a major scale-down in operations. The board also approved shifting the registered office to Netaji Subhash Place, Delhi.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results and approved a change in its registered office location within Delhi.
Why it mattersThe results show a return to profitability and growth in interest income on a small base, though the overall scale of operations remains extremely small for an NBFC.
Q1 FY27 Net Profit: Rs 12.50 LakhsQ1 FY27 Interest Income: Rs 20.00 LakhsQ1 Revenue vs TTM Revenue: ~0.69%Market Cap: Rs 8 CrEPS (Q1 FY27): Rs 0.01
📅 Short termThe stock may see minor positive sentiment due to the YoY profit turnaround, but absolute numbers are too small to drive significant institutional interest.
📈 Long termLimited; the company operates at a very small scale and needs substantial capital infusion or loan book growth to be structurally relevant.
⚠ Risk flags
- Extremely small scale of operations
- Significant revenue contraction compared to TTM figures
- Micro-cap liquidity risk
Key Highlights
Net profit increased to Rs 12.50 Lakhs in Q1 FY27 from Rs 2.12 Lakhs in Q1 FY26
Interest income grew 100% YoY to Rs 20.00 Lakhs from Rs 10.00 Lakhs
Total expenses were reduced to Rs 7.50 Lakhs from Rs 7.88 Lakhs YoY
Company returned to profit after reporting a loss of Rs 7.26 Lakhs in the preceding March 2026 quarter
Paid-up equity share capital remains stable at Rs 10.94 Cr
👀 What to Watch
Investors should monitor if the company can rebuild its revenue base, as the current quarterly run rate of Rs 0.20 Cr is significantly below historical TTM levels of Rs 29 Cr.
Rs 12.5 Lakh PAT in Q1 FY27; Revenue doubles YoY to Rs 20 Lakh
Kapil Raj Finance reported a Net Profit of Rs 12.50 Lakhs for Q1 FY27, a significant increase from Rs 2.12 Lakhs in the same quarter last year. Revenue from operations (interest income) doubled to Rs 20 Lakhs compared to Rs 10 Lakhs YoY. The company also achieved a turnaround from a loss of Rs 7.26 Lakhs in the preceding quarter (Q4 FY26). However, the current quarterly revenue of Rs 0.20 Cr is drastically lower than the TTM revenue of Rs 29 Cr, suggesting a major change in business scale.
Confidence: HIGH
What changedThe company returned to profitability in Q1 FY27 after a loss in the previous quarter and relocated its registered office within Delhi.
Why it mattersFor a micro-cap NBFC with an Rs 8 Cr market cap, the return to profit is positive, but the sharp contraction in revenue scale compared to historical TTM figures is a significant concern for growth.
Q1 FY27 Revenue: Rs 20.00 LakhsQ1 FY27 PAT: Rs 12.50 LakhsRevenue vs TTM Quarterly Avg: ~2.75%YoY PAT Growth: 489.6%Market Cap: Rs 8 Cr
📅 Short termThe stock may see neutral to slightly positive sentiment due to the YoY profit growth, but the extremely low absolute revenue figures may limit upside.
📈 Long termLimited; the company's shrinking revenue base and micro-cap status present significant structural risks over the long term.
⚠ Risk flags
- Significant revenue contraction vs TTM average
- Micro-cap liquidity risk
- Extremely small absolute profit scale
Key Highlights
Net Profit increased to Rs 12.50 Lakhs in Q1 FY27 from Rs 2.12 Lakhs in Q1 FY26
Total Revenue from operations doubled YoY to Rs 20.00 Lakhs
Total Expenses were contained at Rs 7.50 Lakhs, down from Rs 7.88 Lakhs YoY
Company reported a turnaround from a loss of Rs 7.26 Lakhs in the previous quarter ended March 2026
Registered office shifted to Unit no 1018, 9th floor, Pearl Omaxe, Netaji Subhash Place, Delhi
👀 What to Watch
Investors should investigate why the quarterly revenue has dropped to just Rs 0.20 Cr compared to the TTM average of ~Rs 7.25 Cr per quarter. Monitor if this low-revenue, high-margin profile is the new sustainable business model.
