Maha Rashtra Apex RI review - (Not Rated)

•    The company was an RBI registered NBFC, relinquished its business post cancellation of its registration.
•    It was engaged in hire purchase, leasing, loans etc. earlier.
•    Now it has reduced its business and focusing only on recovery of dues from its earlier businesses outstanding.
•    The company has reported erratic financial performances for the reported periods.
•    Based on its last traded price, the RI is attractively priced at par with a discount of around 80%.
•    Only well-informed/cash surplus investors may park funds for long term.

ABOUT COMPANY:
Maha Rashtra Apex Corp. Ltd., (MRACL) was earlier engaged in the business of hire purchase and leasing, in the capacity of a non-banking financial company. Pursuant to cancellation of its registration as a non-banking financial company by the Reserve Bank of India in 2002, the company discontinued its business operations and shifted focus on recovery of dues from erstwhile hire purchase, leasing, and loan portfolios, and on repayment of outstanding liabilities. It also holds strategic investments in its Subsidiaries and Associates, which contribute to its income through dividends and share of profits, providing a stable and recurring source of earnings. The company has civil and other litigations amounting to Rs. 12.93 cr. that raise concern. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 14091896 equity shares of Rs. 10 each at par value to mobilize Rs. 14.09 cr. The RI opens for subscription on April 02, 2026, and will close on April 30, 2026. The company is offering RI in the ratio of 1 for 1 to its eligible stakeholders as of the record date of March 20, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 0.40 cr. for this RI process, and from the net proceeds, it will utilize Rs. 1.16 cr. for repaying part of advances to reduce its other current liabilities, Rs. 12.25 cr. for depositing any balance dues under the scheme of compromise and arrangement, and Rs. 0.28 cr. for general corporate purposes. 

The RI is solely lead managed by the company itself., and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 14.09 cr. will stand enhanced to Rs. 28.18 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 28.18 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit/ - (LOSS), of Rs. 10.83 cr. / Rs. 331.50 cr. (FY24), Rs. 7.91 cr. / Rs. 19.66 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a LOSS of Rs. – (1.91) cr. on a total income of Rs. 4.35 cr. The big mismatch in its bottom lines for the last two fiscals is attributed to exceptional items and share of profit/loss from associate. It posted erratic financial performances for the reported periods.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. 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: 523384 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 125.40 on March 19, 2026, and opened on an ex-right basis at Rs. 59.01 on March 20, 2026. Since then, it has marked a high/low of Rs. 62.50 / Rs. 49.80. The scrip last closed at Rs. 49.80 as of March 30, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 78.30 / Rs. 37.80. 

The promoters’ holding has been constant at 62.54% for the last three quarters ended on December 31, 2025. The counter is currently well managed by vested interests and trades well above the RI price, to tempt investors. Based on its last traded price, the RI is at a discount of around 79.92%, making it an attractive bet.