Mergers & Acquisitions
Nishad Shah and Eight Associates Lift RGF Capital Markets Holding to 30.89%
By News Desk ·
Key takeaways
- Nishad J. Shah and eight associated entities acquired 16.98% of RGF Capital Markets through 2,54,80,900 equity shares.
- The group's combined holding rose from 13.91% to 30.89% after the off-market transaction completed on October 27, 2026.
- The acquirers are expected to be classified as Promoters once the open offer is completed.
Nishad J. Shah and eight associated entities acquired a 16.98% stake in RGF Capital Markets, taking the group's combined holding from 13.91% to 30.89% through an off-market transaction completed on October 27, 2026. ScanX reported the disclosure, filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
RGF Capital Markets is a publicly listed Indian financial services company headquartered in Kolkata that provides loans against listed shares, securities and properties, along with margin funding and corporate, personal and working-capital loans for small businesses and individuals, according to akta.pro company records. The acquirer group includes Nishad Jitendra Shah, his HUF, family members and several corporate entities acting in concert.
How the RGF Capital Markets Share Purchase Was Structured
The acquisition covered 2,54,80,900 equity shares, executed through an off-market transaction under a Share Purchase Agreement dated March 10, 2026. The deal completed on October 27, 2026.
Nishad Jitendra Shah acquired 6.12%, lifting his holding to 9.07% and making him the largest individual shareholder among the acquirers. His HUF rose to 3.59% after adding 2.14%, while Rajshree Nishad Shah moved to 5.57% and Parshwa Nishad Shah to 3.21%. Payal Paras Shah added 0.24% for a 0.35% holding.
Among the corporate entities, Trupti Management Services added 2.72% to reach 3.97%, Rocksolid Investments rose to 2.22%, Rocksolid Enterprise to 2.42% and Rockthree Framework LLP to 0.50%. The filing states the acquirers did not belong to the Promoter or Promoter Group before the deal and are expected to be classified as Promoters upon completion of the open offer.
RGF Capital Markets' Recent Results and Leadership Changes
RGF Capital Markets reported a net loss of ₹42.40 lakh for Q2FY27, up from ₹2.40 lakh in Q2FY26, driven by a ₹45.72 lakh ROC filing fee for increasing authorized share capital, ScanX reported on October 23, 2026. Shareholders approved all four AGM resolutions on September 30, 2026, with over 99.98% voting support, ScanX reported on October 5, 2026.
The RBI cleared RGF Capital Markets' leadership change, appointing Nishad Jitendra Shah as Managing Director and Chairman for five years effective October 5, 2026, ScanX reported. Sagar Mal Nahata resigned as MD, Director and CFO, with Mit Gandhi named CFO.
What Comes Next for the Shah Group's Holding
The acquirers are expected to be classified as Promoters upon completion of the open offer, according to the filing. The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.