Mumbai: Esaar (India) Ltd has approved a rights issue of equity shares worth up to Rs 60 crore as part of its plans to strengthen its capital base and support future growth initiatives. The decision was taken at the company's board meeting held on June 10, 2026.
The proposed issue will be offered to eligible shareholders through a rights issue route. The record date for determining shareholder eligibility will be announced separately.
Draft Offer Document Approved
The board has also approved the Draft Letter of Offer (DLOF), which will be filed with the Securities and Exchange Board of India (SEBI) and stock exchanges in connection with the proposed fundraising exercise.
In addition, the company has constituted a Rights Issue Committee to oversee all matters related to the issue, including regulatory approvals, execution and finalisation of terms.
The committee will be headed by Bipin Dinesh Varma and include Dipti Shashank Yelve and Rajesh Kumar Amarnath Pandey as members.
New CFO Appointed
Alongside the fundraising decision, the board approved the appointment of Dipesh B. Mistri as Chief Financial Officer (CFO) and Key Managerial Personnel with effect from June 10, 2026.
According to the company, Mistri has more than 10 years of experience in finance, accounts, taxation, corporate laws and regulatory compliance. He has worked extensively in financial planning, budgeting, forecasting, fund management, audits and financial reporting.
Fundraising Details To Follow
The company said the issue price, entitlement ratio and total number of shares to be issued will be decided later by the board based on recommendations from the Rights Issue Committee. The proposed rights shares will carry a face value of Rs 10 each.
The board meeting commenced at 3:00 PM and concluded at 5:00 PM on June 10.
Disclaimer: Based on Esaar (India) Ltd's stock exchange filing dated June 10, 2026, and subject to regulatory approvals.
