- This is the 2nd RI from the company since January 2025.
- The first RI was at a price of Rs. 30 per share to mobilize Rs. 11.75 cr.
- The company posted average financial performance for the reported periods.
- Over 8 times jump in its paid-up capital may face its servicing issue.
- There is no harm in skipping this “High Risk/Low return” bet at par value.
Preface:
The company came with its first RI at a price of Rs. 30 per share in January 2025, and now bringing 2nd RI at par value, but with a large ratio of 17 for 2. It has posted average financials and its performance on bourses is listless.
About Company:
Interactive Financial Services Ltd., (IFSL) is engaged in the business of Investment Banking and Financial activities. For the Investment banking activity, it is registered with SEBI having Registration No. INM000012856 dated September 27, 2021 as Category-I Merchant Banker. The company provides services in various areas of capital markets which include Merchant Banking Services, and Corporate Advisory Services under one roof and well diversified for financial and advisory services in the areas of Capital Markets, Corporate Restructuring, Valuations and other Merchant Banking Services.
It is actively working in Main Board IPOs, SME IPOs, FPOs, valuation of companies for various transactions, migration to main board, takeovers, buy back and business advisory. In this segment, it is primarily focused on providing Merchant Banking services to Small and Medium Enterprises (SMEs). The offer document is silent on its employee’s strength.
Issue Details:
The company is coming out with its 2nd Rights Issue (RI) of 58906105 equity shares of Rs. 10 each at par value to mobilize Rs. 58.91 cr. The earlier RI was on January 2025. The RI opens for subscription on November 06, 2026, and will close on November 26, 2026. The company is offering RI in the ratio of 17 for 2 to its eligible stakeholders as of the record date of October 30, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 1.91 cr. for this RI process, from the net proceeds, Rs. 43.00 cr. for increasing Net worth of the company, Rs. 14.00 cr. for general corporate purposes. Higher spending for this RI is a big surprise.
The RI is solely lead managed by the company itself, and Bigshare Services Pvt. Ltd. is the registrar to the issue. Satellite Corporate Services Pvt. Ltd. Is the RTA for the company.
Post-RI, company’s current paid-up equity capital of Rs. 6.93 cr. (6930130 equity shares) will stand enhanced to Rs. 65.84 cr. (65836235 shares). Based on the RI pricing, the company is looking for a market cap of Rs. 65.84 cr.
Financial Performance:
On the financial performance front, for the last two fiscals, the company has posted total revenue / net profit of Rs. 8.51 cr. / Rs 2.85 cr. (FY25), Rs. 8.36 cr. / Rs. 3.49 cr. (FY26). For Q1 of FY27, ended on June 30, 2026, it has earned a net profit of Rs. 1.21 cr. on a total income of Rs. 2.23 cr. The company posted inconsistency in its top line but recorded growth in bottom lines for the reported periods that raise eyebrows.
Dividend Policy:
The company has not paid any dividends for the last three years. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
Scrip Performance: Based On Bse Website Data: Scrip Code: 539692 (Fv Rs. 10).
The scrip last closed on cum-right basis at Rs. 11.61 on October 29, 2026, and opened on an ex-right basis at Rs. 10.99 on October 30, 2026. Since then, it has marked a high/low of Rs. 11.30 / Rs. 9.76. The scrip last closed at Rs. 10.24 as of November 05, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 18.35 / Rs. 8.54.
The promoters’ holding has been at 0.00% for the last three quarters ended on September30, 2026. The counter is just managed above the par value with vested interest operations to tempt investors.
Conclusion
This is the 2nd RI from the company since January 2025. The first RI was at a price of Rs. 30 per share to mobilize Rs. 11.75 cr. The company posted average financial performance for the reported periods. Over 8 times jump in its paid-up capital may face its servicing issue. It is faring poorly and mega jump in its equity raises major concern. There is no harm in skipping this “High Risk/Low return” bet at par value.
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