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Viji Finance Appoints DDS & Associates as Statutory Auditor After Predecessor Resigns
Viji Finance Limited's Board of Directors has recommended the appointment of M/s. DDS & Associates, Chartered Accountants (FRN: 120362W), as the Statutory Auditor of the company on September 2, 2026. This appointment fills the casual vacancy created by the resignation of the existing auditor, M/s. Dharmendra K Agarwal & Co. (FRN: 025525C). The tenure runs until the conclusion of the next Annual General Meeting, subject to approval by shareholders under Section 139(8) of the Companies Act, 2013.
Confidence: HIGH
What changedM/s. DDS & Associates has been recommended to replace outgoing auditor M/s. Dharmendra K Agarwal & Co. following the latter's resignation.
Why it mattersA mid-term change of statutory auditors requires shareholder ratification and close monitoring to ensure financial reporting continuity and sound corporate governance.
Date of Recommendation: 2nd September, 2026New Auditor Firm Reg. No.: 120362WOutgoing Auditor Firm Reg. No.: 025525C
📅 Short termShareholder approval process to fill the casual vacancy will be initiated within the statutory timeframe.
📈 Long termLimited structural impact provided the audit transition occurs smoothly without reporting delays.
⚠ Risk flags
- Mid-term resignation of the incumbent statutory auditor
- Specific reasons for the outgoing auditor's resignation were not detailed in the filing
Key Highlights
Board approved appointment of M/s. DDS & Associates on September 2, 2026
Casual vacancy caused by the resignation of previous auditor M/s. Dharmendra K Agarwal & Co.
New auditor will hold office until the conclusion of the next Annual General Meeting
Appointment is subject to shareholder approval under Section 139(8) of the Companies Act, 2013
👀 What to Watch
Monitor shareholder voting on the appointment and check subsequent disclosures or filings for detailed reasons behind the outgoing auditor's resignation.
Viji Finance Allots 1 Cr Shares on Warrant Conversion, Receives Balance ₹2.10 Cr
Viji Finance has approved the allotment of 1,00,00,000 equity shares of face value Re. 1 each at an issue price of ₹2.80 per share upon the conversion of warrants to a non-promoter investor. The company received the final 75% tranche amounting to ₹2.10 crore, completing the conversion of the entire 8.85 crore preferential warrant issuance initiated in June 2026. Following this allotment, the paid-up share capital increased from ₹22.10 crore to ₹23.10 crore.
Confidence: HIGH
What changedViji Finance completed the conversion of its final outstanding 1 crore warrants into equity shares after receiving ₹2.10 crore.
Why it mattersThe company's equity capital base expands to ₹23.10 crore, providing incremental liquidity relative to its TTM revenue base of ₹2 crore, while fully closing out warrant dilution overhang.
Shares Allotted: 1,00,00,000Issue Price per Share: ₹2.80Funds Received (Tranche): ₹2.10 crPost-issue Paid-up Capital: ₹23.10 crFunds Received vs TTM Revenue: ~105%
📅 Short termNeutral; completion of warrant conversion expands floating equity base subject to ICDR lock-in rules.
📈 Long termCapital infusion supports the NBFC's lending book growth, but significant dilution at ₹2.80 per share relative to current trading prices impacts per-share metrics.
⚠ Risk flags
- Equity dilution from preferential issues at ₹2.80 per share
- Small operating scale with TTM revenue of only ₹2 crore
Key Highlights
Allotted 1,00,00,000 equity shares of Re. 1 face value at an issue price of ₹2.80 per share
Received balance 75% payment of ₹2.10 per warrant, aggregating to ₹2.10 crore
All 8,85,00,000 preferential warrants issued on June 16, 2026, are now fully converted into equity shares
Total paid-up equity share capital expanded to ₹23.10 crore (23,10,00,000 shares)
Allottee Manoj Chhaganlal Rathod now holds a 4.33% post-allotment equity stake
👀 What to Watch
Track listing and trading approvals for the 1 crore newly allotted shares, alongside updates on the deployment of preferential issue proceeds in quarterly filings.
Viji Finance Allots 1 Cr Equity Shares on Warrant Conversion; Receives ₹2.10 Cr
Viji Finance has approved the allotment of 1,00,00,000 equity shares of face value Re 1 each at an issue price of ₹2.80 per share upon the conversion of warrants. The allotment was made to non-promoter investor Manoj Chhaganlal Rathod following the receipt of the balance 75% consideration aggregating ₹2.10 crore (which compares to TTM revenue of ₹2 crore). With this allotment, all 8,85,00,000 preferential warrants issued previously stand fully converted into equity shares. Consequently, the company's paid-up share capital increased from ₹22.10 crore to ₹23.10 crore.
Confidence: HIGH
What changed1,00,00,000 warrants were converted into equity shares upon the receipt of ₹2.10 crore, completing the full conversion of the preferential warrant issue.
Why it mattersThe company secures final warrant funds of ₹2.10 crore, strengthening its capital base for lending operations, while diluting existing shareholding across 23.10 crore shares.
Shares allotted: 1,00,00,000Issue price per share: Rs. 2.80Funds received: Rs. 2.10 crFundraise vs TTM revenue: ~105%New paid-up capital: Rs. 23.10 cr
📅 Short termThe newly allotted shares will undergo demat credit and lock-in formalities under SEBI ICDR regulations before listing approval is granted.
📈 Long termCompletes the warrant cycle, bolstering equity net worth for the NBFC's corporate loan portfolio expansion.
⚠ Risk flags
- Equity dilution from expanded share capital (total shares increased to 23.10 crore).
- Low historical profitability with TTM PAT near breakeven.
Key Highlights
Allotted 1,00,00,000 equity shares of face value Re 1 at an issue price of ₹2.80 per share (premium of ₹1.80 per share).
Received balance 75% payment of ₹2.10 per warrant, aggregating ₹2,10,00,000 from one non-promoter warrant holder.
All 8,85,00,000 preferential warrants issued on June 16, 2026, are now fully converted with zero warrants outstanding.
Total paid-up equity share capital expanded from ₹22.10 crore to ₹23.10 crore (23,10,00,000 equity shares).
👀 What to Watch
Track the receipt of listing and trading approvals from BSE and NSE for the newly issued shares, and monitor fund deployment in subsequent quarterly balance sheets.
Viji Finance Statutory Auditor Resigns Citing Distance and Resource Constraints
Viji Finance Limited has disclosed the resignation of its statutory auditor, Dharmendra K Agarwal & Co., effective 22nd August 2026. The auditor was originally appointed at the 30th AGM on 30th September 2024 for a five-year term ending in 2029. The resignation was attributed to the company's business expansion combined with geographical distance between the auditor's office in Gwalior and company operations, creating resource constraints. The auditor completed the limited review for the quarter ended 30th June 2026 prior to stepping down.
Confidence: HIGH
What changedDharmendra K Agarwal & Co. has resigned mid-tenure as statutory auditor with effect from 22nd August 2026.
Why it mattersMid-tenure statutory auditor resignations require scrutiny by investors to ensure smooth accounting transitions and governance stability.
Resignation Effective Date: 22nd August, 2026Original Appointment Date: 30th September, 2024Last Reviewed Quarter: 30th June, 2026Original Term Expiry: 35th AGM (FY 2028-29)
📅 Short termThe Board and Audit Committee must convene to propose a replacement statutory auditor to fill the casual vacancy.
📈 Long termLimited operational impact if a reputed successor audit firm is smoothly transitioned and appointed.
⚠ Risk flags
- Mid-tenure auditor resignation
- Potential transition disruption before subsequent quarterly reviews
Key Highlights
Dharmendra K Agarwal & Co. resigned as Statutory Auditor effective 22nd August 2026
Auditor was appointed on 30th September 2024 for a 5-year term through the 35th AGM (FY29)
Latest limited review for the quarter ended 30th June 2026 was submitted on 14th July 2026
Reason cited includes geographic distance (Gwalior to operations) and resource bandwidth
👀 What to Watch
Track the appointment of the new statutory auditor to fill the casual vacancy and monitor upcoming quarterly financial disclosures for audit continuity.
Viji Finance Expands Footprint with 2 New Branches in Jodhpur and Ahmedabad
Viji Finance Limited has operationalized two new branch offices in Jodhpur (Rajasthan) and Ahmedabad (Gujarat) as of July 1 and August 10, 2026, respectively. This expansion is part of a board-approved plan from June 24, 2026, to establish a presence in five cities including Mumbai, Surat, and Indore. Given the company's small TTM revenue of Rs 2 Cr, these new locations represent a significant effort to scale its lending operations beyond its Indore base. Investors should monitor the impact on operating costs and loan book growth in upcoming quarters.
Confidence: HIGH
What changedThe company has transitioned from a regional Indore-based lender to a multi-state NBFC by opening its first branches in Rajasthan and Gujarat.
Why it mattersFor a micro-cap NBFC with only Rs 2 Cr in annual revenue, geographic expansion is the primary lever for growth and diversifying borrower concentration risk.
New branches opened: 2Total branches approved in June: 5TTM Revenue: Rs 2 CrPromoter Holding (Aug 2026): 30.86%Net Worth: Rs 23 Cr
📅 Short termThe market may view the expansion as a positive growth signal, though the immediate financial impact will be higher operating expenses for the new branches.
📈 Long termIf successful, this marks the beginning of a structural shift toward a larger, diversified loan book, though competition from larger NBFCs remains a significant hurdle.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Small scale of operations
- Declining promoter holding
- High regional concentration
- Increased borrowing costs due to RBI risk weight changes
Key Highlights
Opened Jodhpur branch in Rajasthan on July 1, 2026
Opened Ahmedabad branch in Gujarat on August 10, 2026
Expansion follows a June 24, 2026 board approval for 5 new locations
Company is scaling from a very small base of Rs 2 Cr TTM revenue
Promoter holding has recently decreased from 39.31% in June to 30.86% in August 2026
👀 What to Watch
Monitor the next two quarterly results to see if the new branches translate into higher interest income and whether the company proceeds with the remaining approved branches in Mumbai and Surat.
Viji Finance Increases Authorized Capital to ₹75 Cr and Appoints New Directors
Viji Finance Limited has approved a 150% increase in its authorized share capital, raising it from ₹30 crore to ₹75 crore. This move, ratified at the 32nd AGM on August 13, 2026, provides significant headroom for future equity issuance or fundraising. The company also confirmed the appointment of Aryaman Kothari, son of the CMD, as a Whole-Time Director for three years. Additionally, two Independent Directors were appointed/re-appointed for five-year terms to strengthen the board.
Confidence: HIGH
What changedThe company has expanded its legal capacity to issue new shares by ₹45 crore and inducted next-generation promoter leadership into the board.
Why it mattersThe new authorized capital of ₹75 crore is more than 3x the company's current net worth of ₹23 crore and 37x its TTM revenue of ₹2 crore, indicating plans for a major scale-up or recapitalization.
New Authorized Capital: ₹75.00 CrPrevious Authorized Capital: ₹30.00 CrCapital Increase %: 150%New Capital vs Net Worth: 326%Director Term (Aryaman Kothari): 3 years
📅 Short termThe stock may see speculative interest due to the large increase in authorized capital, which often signals an upcoming corporate action.
📈 Long termThe structural change in capital and leadership suggests a transition phase; however, the company's ability to utilize this capital to grow its ₹2 crore revenue base remains the key long-term monitorable.
⚠ Risk flags
- Potential for significant equity dilution
- Promoter-related appointment (son of CMD)
- Extremely small revenue base relative to capital structure
Key Highlights
Authorized share capital increased by 150% from ₹30 crore to ₹75 crore
Creation of 45,00,00,000 additional equity shares of ₹1 each to facilitate future growth
Aryaman Kothari appointed as Whole-Time Director for a 3-year term ending July 13, 2029
Prakash Muksiya appointed as Independent Director for a 5-year term ending June 23, 2031
Sakshi Chourasiya re-appointed as Independent Director for a second 5-year term starting October 25, 2026
👀 What to Watch
Investors should monitor for subsequent announcements regarding a rights issue or preferential allotment, as the massive increase in authorized capital typically precedes a significant fundraise.
1.5 Crore Shares Allotted via Warrant Conversion; Rs 3.15 Cr Capital Inflow
Viji Finance Limited has allotted 1.5 crore equity shares to two non-promoter investors following the conversion of warrants. The company received the remaining 75% of the issue price, totaling Rs 3.15 crore, at an exercise price of Rs 2.80 per share. This capital infusion is significant given the company's TTM revenue of Rs 2 crore. Following this allotment, the company's paid-up capital has increased to Rs 22.10 crore, with 1 crore warrants still outstanding for future conversion.
Confidence: HIGH
What changedThe company has converted 1.5 crore warrants into equity shares for two HUF investors, resulting in a cash inflow of Rs 3.15 crore.
Why it mattersFor a small-scale NBFC with TTM revenue of only Rs 2 crore, this cash infusion represents a substantial liquidity boost (approx 157% of annual revenue) to support its working capital and unsecured corporate loan segments.
Shares Allotted: 1,50,00,000Funds Received (Current): Rs 3.15 CrFunds vs TTM Revenue: ~157.5%Issue Price per Share: Rs 2.80New Paid-up Capital: Rs 22.10 CrOutstanding Warrants: 1,00,00,000
📅 Short termThe successful conversion and capital receipt are likely to be viewed positively by the market as it strengthens the balance sheet of this small-cap finance company.
📈 Long termWhile the capital base is expanding, the company faces significant equity dilution. Long-term value depends on the management's ability to scale the loan book beyond its current Indore base and improve its currently negligible profitability.
⚠ Risk flags
- Significant equity dilution from large-scale warrant conversions
- High concentration on borrowers familiar to the promoter
- Historical lack of operational profit (OPM not available)
Key Highlights
Allotment of 1,50,00,000 equity shares of face value Re 1 each upon warrant conversion
Receipt of Rs 3.15 crore representing the 75% balance payment from two non-promoter allottees
Conversion price of Rs 2.80 per share, which includes a premium of Rs 1.80
Paid-up capital increased from Rs 20.60 crore to Rs 22.10 crore
1,00,00,000 warrants remain outstanding and eligible for future conversion
👀 What to Watch
Monitor the deployment of the Rs 3.15 crore proceeds into the company's lending book to see if it generates meaningful interest income growth. Investors should also track the conversion timeline of the remaining 1 crore warrants and its impact on equity dilution.
Rs 3.15 Cr raised by Viji Finance via conversion of 1.5 Cr warrants into equity
Viji Finance Limited has allotted 1.5 crore equity shares to two non-promoter investors following the conversion of warrants issued in June 2026. The company received Rs 3.15 crore, representing the final 75% payment of the Rs 2.80 issue price per share. This conversion increases the paid-up capital to Rs 22.10 crore. The total capital raised in this tranche (Rs 3.15 Cr) is significant, representing approximately 157% of the company's TTM revenue of Rs 2 crore.
Confidence: HIGH
What changedThe company converted 1.5 crore warrants into equity shares for two specific investors, resulting in a cash inflow of Rs 3.15 crore and an increase in the total outstanding shares.
Why it mattersFor a small-scale NBFC with TTM revenue of only Rs 2 crore, a Rs 3.15 crore capital infusion is material for liquidity and lending capacity, though it leads to equity dilution.
Amount received (this tranche): Rs 3.15 crIssue Price per share: Rs 2.80Fundraise vs TTM Revenue: 157.5%New Paid-up Capital: Rs 22.10 crWarrants remaining: 1,00,00,000
📅 Short termThe capital infusion is positive for the balance sheet, but the market may react to the potential supply of shares as the conversion price is much lower than the current market price of Rs 11.9.
📈 Long termThe additional capital supports the company's strategy to expand beyond Indore and diversify products, but consistent profitability remains the key challenge given the TTM PAT is near zero.
⚠ Risk flags
- Significant equity dilution
- Issue price (Rs 2.80) is at a ~76% discount to current market price (Rs 11.9)
- Declining promoter holding trend (from 47.68% in March to 35.49% in July)
Key Highlights
Allotment of 1,50,00,000 equity shares at an issue price of Rs 2.80 per share
Receipt of Rs 3.15 crore as the balance 75% subscription amount from two non-promoter investors
Total warrants converted to date reach 7.85 crore out of the 8.85 crore warrants issued in June 2026
Paid-up equity capital increased from Rs 20.60 crore to Rs 22.10 crore
1,00,00,000 warrants remain outstanding for future conversion
👀 What to Watch
Investors should monitor the utilization of these funds for geographic expansion and the impact of equity dilution on future EPS, especially as the issue price (Rs 2.80) is at a significant discount to the current market price.
Viji Finance Allots 1.45 Cr Shares at Rs 2.80/Share on Warrant Conversion
Viji Finance Limited has allotted 1.45 crore equity shares to four non-promoter investors following the conversion of warrants. The company received Rs 3.045 crore, representing the final 75% payment of the Rs 2.80 issue price per share. This allotment has increased the company's paid-up capital from Rs 19.15 crore to Rs 20.60 crore. Currently, 2.50 crore warrants remain outstanding for future conversion into equity.
Confidence: HIGH
What changedThe company converted 1.45 crore warrants into equity shares, resulting in a cash infusion of Rs 3.045 crore and an increase in the total number of outstanding shares.
Why it mattersFor a small-scale NBFC with TTM revenue of only Rs 2 crore, a capital infusion of Rs 3.045 crore is significant (approx 152% of annual revenue), providing necessary liquidity for lending expansion.
Shares Allotted: 1,45,00,000Issue Price per Share: Rs 2.80Amount Received (Current Tranche): Rs 3.045 crTranche Value vs TTM Revenue: ~152%New Paid-up Capital: Rs 20.60 cr
📅 Short termThe stock may see neutral to positive movement as the capital infusion strengthens the balance sheet, though equity dilution is a factor.
📈 Long termThe additional capital is crucial for the company's stated strategy of geographic expansion beyond Indore, but long-term success depends on managing credit risks in unsecured corporate loans.
⚠ Risk flags
- Equity dilution for existing shareholders
- High concentration of borrowers familiar to the promoter
- Small scale of operations makes it vulnerable to regulatory changes
Key Highlights
Allotment of 1,45,00,000 equity shares of face value Re 1 each
Receipt of Rs 3,04,50,000 as the balance 75% consideration for warrant conversion
Paid-up capital increased to Rs 20.60 crore from Rs 19.15 crore
Total of 6,35,00,000 warrants converted into shares across three tranches since June 2026
2,50,00,000 warrants remain outstanding for future conversion
👀 What to Watch
Monitor the deployment of this capital into the company's lending book and its impact on interest income in the next two quarterly results.
Viji Finance allots 1.45 Cr shares on warrant conversion, raising Rs 3.04 Cr
Viji Finance has approved the allotment of 1.45 crore equity shares to four non-promoter investors following the conversion of warrants. This tranche raised Rs 3.04 crore, representing the final 75% payment of the Rs 2.80 issue price. This is part of a larger 8.85 crore warrant issuance initiated in June 2026, with 6.35 crore warrants converted to date. The capital infusion is significant given the company's TTM revenue of only Rs 2 crore.
Confidence: HIGH
What changedThe company converted 1.45 crore warrants into equity shares, increasing its paid-up capital and receiving Rs 3.04 crore in cash from non-promoter investors.
Why it mattersFor a small-scale NBFC with limited revenue, this capital infusion provides essential liquidity for lending operations, although it significantly dilutes existing shareholders and reduces promoter holding percentage.
Shares Allotted (Current Tranche): 1,45,00,000Funds Raised (Current Tranche): Rs 3.045 CrIssue Price per Share: Rs 2.80Tranche Value vs TTM Revenue: 152.25%Total Warrants Issued (June 2026): 8,85,00,000New Paid-up Capital: Rs 20.60 Cr
📅 Short termThe stock may see interest due to the capital infusion, but the market will likely weigh this against the substantial equity dilution occurring through multiple conversion tranches.
📈 Long termThe structural impact depends on management's ability to scale the loan book beyond its current Indore base using the newly raised capital to improve TTM revenue and profitability.
⚠ Risk flags
- Significant equity dilution
- Declining promoter holding percentage
- Small scale of operations relative to capital raised
Key Highlights
Allotment of 1,45,00,000 equity shares at an issue price of Rs 2.80 per share
Receipt of Rs 3.04 crore as the 75% balance payment from 4 non-promoter investors
Total warrants converted to date reach 6.35 crore out of 8.85 crore originally issued
Paid-up capital increased from Rs 19.15 crore to Rs 20.60 crore
Remaining 2.50 crore warrants are still outstanding for future conversion
👀 What to Watch
Investors should monitor the deployment of these funds into the loan book and observe the impact of significant equity dilution on Earnings Per Share (EPS) in upcoming quarterly results.
Viji Finance to Increase Authorized Capital to ₹75 Cr; Proposes WTD Appointment
Viji Finance has convened its 32nd AGM for August 13, 2026, proposing a significant 150% increase in authorized share capital from ₹30 crore to ₹75 crore. This move provides the necessary headroom for potential future fundraising or equity issuance. The company also seeks approval to appoint Mr. Aryaman Kothari (son of the CMD) as Whole-Time Director with a proposed salary of ₹2.50 lakh per month. Given the company's TTM revenue of just ₹2 crore, this single director's remuneration represents approximately 15% of annual revenue.
Confidence: HIGH
What changedThe company is seeking shareholder approval to expand its legal capital limit by ₹45 crore and formalize the induction of a promoter-family member into a paid executive role.
Why it mattersThe capital increase is a precursor to equity dilution, which is critical for this small-cap NBFC to scale beyond its current ₹2 crore revenue base, though rising management costs are a concern.
Proposed Authorized Capital: ₹75,00,00,000Current Authorized Capital: ₹30,00,00,000Proposed WTD Monthly Salary: ₹2,50,000WTD Salary vs TTM Revenue: ~15%AGM Date: August 13, 2026
📅 Short termNeutral. The market will likely wait for clarity on how the additional authorized capital will be utilized and the terms of any impending fundraise.
📈 Long termThe expansion of capital is necessary for growth, but the high cost of management relative to current earnings and the recent drop in promoter holding warrant caution.
⚠ Risk flags
- Related-party appointment (CMD's son)
- High management remuneration relative to TTM revenue
- Potential for significant equity dilution
- Recent sharp decline in promoter holding
Key Highlights
Proposed increase in Authorized Share Capital from ₹30,00,00,000 to ₹75,00,00,000.
Appointment of Mr. Aryaman Kothari as Whole-Time Director with a monthly salary of ₹2.50 lakh.
32nd Annual General Meeting scheduled for August 13, 2026, via Video Conferencing.
Alteration of Clause V of the Memorandum of Association to reflect the new capital structure.
Promoter holding has significantly declined from 53.02% in Dec 2025 to 35.49% as of July 2026.
👀 What to Watch
Investors should monitor the AGM voting results for the capital increase and subsequent filings regarding the specific mode of fundraising (e.g., Rights Issue or Preferential Allotment).
₹75 Cr Authorized Capital: Viji Finance Approves 150% Increase in Share Capital Limit
Viji Finance has approved a significant increase in its authorized share capital from ₹30 crore to ₹75 crore, representing a 150% expansion. This move, subject to shareholder approval at the upcoming AGM, creates the necessary headroom for future equity fundraises. Given the company's current net worth of ₹23 crore and TTM revenue of only ₹2 crore, the new ₹75 crore ceiling is substantial (3.26x current net worth). This follows a previous rights issue in FY 2024-25, signaling a continued strategy to scale its small-scale NBFC operations.
Confidence: HIGH
What changedThe company has increased its legal limit for issuing equity shares from ₹30 crore to ₹75 crore by amending its Memorandum of Association.
Why it mattersFor a micro-cap NBFC with ₹2 crore annual revenue, this expansion provides the structural capacity to raise significant new equity capital to fund geographic expansion and loan book growth.
Pre-Authorized Capital: ₹30.00 CrPost-Authorized Capital: ₹75.00 CrIncrease Percentage: 150%Post-Cap vs Net Worth: ~326%Face Value: Re. 1/-
📅 Short termThe market may react positively to the growth intent, though the actual impact depends on the terms of the eventual fundraise and potential dilution.
📈 Long termThis is a structural step enabling the company to move beyond its current regional niche in Madhya Pradesh by potentially tripling its capital base over the coming years.
⚠ Risk flags
- Significant equity dilution risk for existing shareholders
- Regulatory/compliance oversight noted regarding the delay in filing this announcement
Key Highlights
Authorized share capital increased from ₹30.00 crore to ₹75.00 crore
Total number of equity shares authorized to increase to 75,00,00,000 shares
Proposed capital ceiling is approximately 3.26x the company's current net worth of ₹23 crore
Board meeting concluded on July 14, 2026, with a subsequent 2-day delay in filing noted as an oversight
Amendment to Clause V of the Memorandum of Association (MOA) pending shareholder approval
👀 What to Watch
Investors should monitor the upcoming Annual General Meeting (AGM) notice for specific details on how the company plans to utilize this expanded capital limit, such as a potential Rights Issue or Preferential Allotment.
Viji Finance Q1 Net Profit at ₹1.14 Cr; Authorized Capital Increased to ₹75 Cr
Viji Finance reported a turnaround in Q1 FY27 with a net profit of ₹1.14 Cr, compared to a loss of ₹0.33 Cr in the year-ago period. The growth was significantly aided by 'Other Income' of ₹1.19 Cr, which exceeded the core interest income of ₹0.89 Cr. The board has approved a massive 150% increase in authorized share capital from ₹30 Cr to ₹75 Cr, signaling potential future fundraises. Additionally, the company raised ₹6.38 Cr through the partial conversion of 3.04 Cr warrants, increasing its paid-up capital to ₹17.29 Cr.
Confidence: HIGH
What changedThe company has moved from a loss-making position to profitability and significantly expanded its authorized capital base to ₹75 Cr.
Why it mattersThe capital expansion and warrant conversion provide the company with the necessary liquidity to scale its lending operations beyond its Indore base, though the high reliance on non-core income remains a point of scrutiny.
Q1 Net Profit: ₹1.14 CrAuthorized Capital Increase: ₹75 CrWarrant Conversion Value: ₹6.38 CrOther Income as % of Total Income: 57.1%Outstanding Warrants: 5.81 Cr units
📅 Short termThe stock may see positive sentiment due to the profit turnaround and the signal of growth through capital expansion.
📈 Long termThe 150% increase in authorized capital suggests a long-term plan for significant scaling, but the company must demonstrate consistent growth in its core finance segment to re-rate.
⚠ Risk flags
- High reliance on Other Income for profitability
- Potential equity dilution from 5.81 Cr outstanding warrants
- Pending listing and trading approvals for 3.04 Cr newly allotted shares
Key Highlights
Net Profit turned positive at ₹1.14 Cr for Q1 FY27 vs a loss of ₹0.33 Cr in Q1 FY26
Authorized Share Capital increased from ₹30 Cr to ₹75 Cr to facilitate future growth
Raised ₹6.38 Cr through the conversion of 3.04 Cr warrants at ₹2.80 per share
Total Income grew 214% YoY to ₹2.07 Cr, though 57% of this was from 'Other Income'
Remaining 5.81 Cr warrants are outstanding for potential future conversion into equity
👀 What to Watch
Monitor the sustainability of the turnaround, specifically whether the company can grow its core interest income relative to 'Other Income'. Watch for the utilization of the ₹6.38 Cr raised and the timeline for the conversion of the remaining 5.81 Cr warrants.
1.86 Cr Shares Allotted: Viji Finance Raises Rs 3.91 Cr via Warrant Conversion
Viji Finance has allotted 1.86 crore equity shares to three non-promoter investors following the conversion of warrants. This specific tranche resulted in a cash infusion of Rs 3.91 crore, representing the 75% balance payment of the Rs 2.80 issue price. This follows a prior conversion of 3.04 crore shares in June 2026, bringing the total paid-up capital to Rs 19.15 crore. Currently, 3.95 crore warrants remain outstanding for future conversion.
Confidence: HIGH
What changedThe company has converted a second tranche of warrants into equity shares, increasing its liquid capital and expanding its equity base.
Why it mattersFor a micro-cap NBFC with TTM revenue of only Rs 2 crore, a capital infusion of Rs 3.91 crore is highly material (nearly 2x annual revenue) and provides necessary liquidity for lending operations.
Shares Allotted: 1,86,00,000Amount Received (Tranche): Rs 3.91 CrIssue Price per Share: Rs 2.80Fundraise vs TTM Revenue: ~195%New Paid-up Capital: Rs 19.15 Cr
📅 Short termThe stock may see positive sentiment as the capital infusion strengthens the balance sheet of this small-scale NBFC.
📈 Long termThe success of this fundraise depends on the company's ability to deploy capital into high-yield assets while managing the risks associated with its concentrated regional lending model.
⚠ Risk flags
- Equity dilution for existing shareholders
- High concentration of lending to promoter-familiar entities
- Regulatory risks associated with RBI's tightening norms for NBFCs
Key Highlights
Allotment of 1,86,00,000 equity shares at an issue price of Rs 2.80 per share
Receipt of Rs 3,90,60,000 as the 75% balance payment from 3 non-promoter warrant holders
Paid-up capital increased from Rs 17.29 crore to Rs 19.15 crore following this allotment
Total warrants originally issued were 8,85,00,000 on June 16, 2026
3,95,00,000 warrants remain outstanding and eligible for future conversion
👀 What to Watch
Investors should monitor the company's quarterly interest income to see if this capital infusion effectively scales the loan book, and track the conversion of the remaining 3.95 crore warrants which will cause further dilution.
Rs 3.91 Cr raised via conversion of 1.86 Cr warrants into equity shares
Viji Finance has approved the allotment of 1.86 crore equity shares to three non-promoter investors following the conversion of warrants. The company received the remaining 75% balance of the issue price, amounting to Rs 3.91 crore, at a conversion price of Rs 2.80 per share. This follows a prior conversion of 3.04 crore shares in June 2026, with 3.95 crore warrants still outstanding. The capital infusion is substantial given the company's TTM revenue of only Rs 2 crore.
Confidence: HIGH
What changedThe company converted 1.86 crore warrants into equity shares, resulting in a cash inflow of Rs 3.91 crore and an increase in the total number of outstanding shares.
Why it mattersFor a micro-cap NBFC with limited revenue (Rs 2 Cr TTM), this capital infusion provides necessary liquidity to expand its lending operations and meet regulatory capital requirements.
Amount received in this tranche: Rs 3.91 CrFundraise vs TTM Revenue: 195.5%Conversion Price: Rs 2.80New Paid-up Capital: Rs 19.15 CrOutstanding Warrants: 3.95 Cr
📅 Short termThe stock may see positive sentiment due to the successful capital raise, though the new shares will be subject to SEBI-mandated lock-in periods.
📈 Long termThe additional capital is critical for scaling the business beyond its Indore base, but significant equity dilution remains a factor as more warrants are converted.
⚠ Risk flags
- Equity dilution
- High regional concentration in Madhya Pradesh
- Small scale of operations relative to industry peers
Key Highlights
Allotment of 1,86,00,000 equity shares at an issue price of Rs 2.80 per share
Receipt of Rs 3,90,60,000 representing the 75% balance payment from 3 non-promoter investors
Paid-up capital increased from Rs 17.29 crore to Rs 19.15 crore, a 10.7% increase in this tranche
3,95,00,000 warrants remain outstanding for future conversion into equity
Total warrants initially allotted on June 16, 2026, stood at 8,85,00,000
👀 What to Watch
Monitor the deployment of these funds into the loan book and the impact on interest income in upcoming quarterly results, as well as the potential for further dilution from the remaining 3.95 crore warrants.
3.04 Cr shares allotted by Viji Finance on warrant conversion; Rs 6.38 Cr raised
Viji Finance Limited has allotted 3,04,00,000 equity shares to 9 non-promoter investors following the conversion of warrants. The company received the remaining 75% balance of the issue price, amounting to Rs 6.38 crore, at a conversion price of Rs 2.80 per share. This exercise has increased the company's paid-up equity capital from Rs 14.25 crore to Rs 17.29 crore. A significant portion of the original issue, 5.81 crore warrants, remains outstanding for future conversion.
Confidence: HIGH
What changedViji Finance converted 3.04 crore warrants into equity shares for 9 investors, resulting in a fresh capital infusion and an increase in total outstanding shares.
Why it mattersThis provides the company with necessary capital to potentially expand its lending book or operations, though it results in immediate equity dilution of approximately 21% for existing shareholders.
Shares Allotted: 3,04,00,000 unitsIssue Price: Rs 2.80Balance Amount Received: Rs 6,38,40,000Increase in Paid-up Capital: ~21.3%Remaining Warrants: 5,81,00,000 units
📅 Short termThe stock may see some volatility as the new shares are listed, though they are subject to SEBI-mandated lock-in periods.
📈 Long termThe capital infusion strengthens the balance sheet for this small-cap NBFC, but long-term value will depend on how efficiently this capital is deployed into interest-earning assets.
⚠ Risk flags
- Equity dilution
- Concentration of new shares among 9 non-promoter individuals
- Dependence on remaining warrant holders to exercise their rights
Key Highlights
Allotment of 3,04,00,000 equity shares of face value Re. 1/- each upon warrant conversion
Receipt of Rs 6,38,40,000 representing the 75% balance payment from 9 non-promoter allottees
Paid-up equity capital increased by 21.3% from Rs 14.25 crore to Rs 17.29 crore
5,81,00,000 warrants remain outstanding and eligible for future conversion by 10 other investors
Issue price fixed at Rs 2.80 per share, including a premium of Rs 1.80 per share
👀 What to Watch
Investors should monitor the utilization of the Rs 6.38 crore raised and the potential for further equity dilution as the remaining 5.81 crore warrants are converted.
Viji Finance allots 3.04 Cr shares on warrant conversion; raises Rs 6.38 Cr
Viji Finance Limited has approved the allotment of 3,04,00,000 equity shares following the conversion of warrants by nine non-promoter investors. The company received the balance 75% payment of Rs 2.10 per warrant, aggregating to Rs 6.38 crore. This conversion has increased the company's paid-up equity capital from Rs 14.25 crore to Rs 17.29 crore. Currently, 5,81,00,000 warrants remain outstanding and are eligible for future conversion into equity shares.
Confidence: HIGH
What changedThe company converted 3.04 crore warrants into equity shares, resulting in a cash inflow of Rs 6.38 crore and an increase in the total number of outstanding shares.
Why it mattersThis fundraise strengthens the company's capital base for its financial services business, though the 21% increase in paid-up capital leads to immediate equity dilution for existing shareholders.
Shares Allotted: 3,04,00,000Funds Raised (Current Tranche): Rs 6,38,40,000Issue Price per Share: Rs 2.80Post-Allotment Paid-up Capital: Rs 17,29,00,000Outstanding Warrants: 5,81,00,000
📅 Short termThe capital infusion is a positive liquidity event, though the market may react to the increased supply of shares and potential dilution.
📈 Long termThe long-term impact depends on the company's ability to generate higher interest income from the expanded capital base; however, the large volume of pending warrants suggests ongoing dilution pressure.
⚠ Risk flags
- Equity dilution
- Significant number of warrants (5.81 Cr) still pending conversion
Key Highlights
Allotment of 3,04,00,000 equity shares of face value Re 1 each at an issue price of Rs 2.80
Receipt of Rs 6,38,40,000 representing the final 75% payment for the exercised warrants
Paid-up equity capital increased by approximately 21.3% to Rs 17.29 crore
Nine non-promoter investors participated in this conversion tranche
5,81,00,000 warrants remain outstanding for future conversion by 10 other warrant holders
👀 What to Watch
Investors should monitor the deployment of the newly raised capital into the company's lending operations and watch for the conversion timeline of the remaining 5.81 crore warrants which will cause further dilution.
Viji Finance to Expand in 5 Cities; Appoints Two New Directors
Viji Finance Limited has approved a significant geographical expansion by opening branch offices in five major cities: Mumbai, Ahmedabad, Surat, Indore, and Jodhpur. This strategic move is intended to enhance the company's operational footprint across Maharashtra, Gujarat, Madhya Pradesh, and Rajasthan. Additionally, the board appointed Mrs. Sejal Riddhesh Shah and Mr. Prakash Muksiya as Additional Directors to strengthen leadership. Mr. Muksiya joins as an Independent Director for a five-year term ending June 2031.
Key Highlights
Approved opening of branch offices in 5 cities: Mumbai, Ahmedabad, Surat, Indore, and Jodhpur
Appointment of Mr. Prakash Muksiya as Independent Director for a 5-year term until 2031
Appointment of Mrs. Sejal Riddhesh Shah as Non-Executive Non-Independent Director
Expansion aims to strengthen presence in 4 key Indian states: Maharashtra, Gujarat, Madhya Pradesh, and Rajasthan
👀 What to Watch
Investors should monitor the company's upcoming quarterly results to assess if the expansion into these five high-growth cities translates into increased loan disbursements and revenue. The addition of an independent director for a five-year term is a positive signal for corporate governance.
Viji Finance Receives Rs 6.19 Cr Upfront for 8.85 Cr Convertible Warrants
Viji Finance Limited has successfully received the mandatory 25% upfront payment for the allotment of 8.85 crore convertible warrants to non-promoters. The warrants are priced at Rs 2.80 each (including a premium of Rs 1.80), bringing the total revised issue size to Rs 24.78 crore. The issue size was scaled down from an original proposal of 12.75 crore warrants after three investors opted out. The statutory auditor has certified that the company is in compliance with SEBI ICDR regulations regarding the receipt of funds.
Key Highlights
Allotment of 8,85,00,000 warrants convertible into equity shares at an issue price of Rs 2.80 per warrant.
Receipt of Rs 6,19,50,000 representing the 25% upfront subscription price required by SEBI.
Issue size revised downward from Rs 35.70 crore to Rs 24.78 crore due to non-participation of three proposed investors.
Warrants issued to 19 non-promoter entities, including various individuals and HUFs.
Statutory auditor confirmed that funds were received from allottees' bank accounts with no circulation of funds.
👀 What to Watch
Investors should monitor the company's utilization of the newly raised capital and be aware of the impending equity dilution when these warrants are converted within the next 18 months.
Viji Finance Allots 8.85 Crore Convertible Warrants at Rs 2.80 per Unit
Viji Finance Limited has approved the allotment of 8,85,00,000 convertible share warrants to 19 non-promoter investors at an issue price of Rs 2.80 per warrant. The company has already received 25% of the total consideration, amounting to Rs 6.195 crore, while the remaining 75% is payable within 18 months upon conversion into equity. The total issue size was revised down to Rs 24.78 crore from an initial proposal of Rs 35.70 crore after three investors withdrew their participation.
Key Highlights
Allotment of 8,85,00,000 share warrants convertible into equity shares on a 1:1 basis within 18 months.
Warrants issued at a price of Rs 2.80 each, aggregating to a total fundraise of Rs 24.78 crore.
Upfront subscription amount of Rs 6.195 crore (25%) received from 19 non-promoter allottees.
Issue size reduced from 12.75 crore warrants to 8.85 crore warrants as three investors opted out.
Major allottees include Manoj Chhaganlal Rathod (1 crore warrants) and various Sanghvi family HUFs.
👀 What to Watch
Investors should track the company's utilization of the newly raised capital for growth and be aware of the potential equity dilution once the warrants are fully converted.
