Ashika Global Securities raises just ₹36.54 crore, one-third of its ₹109.62 crore target

Ashika Global Securities raised ₹36.54 crore (roughly $3.8 million) through a preferential issue for the quarter ended June 30, 2026 — far short of its planned ₹109.62 crore. The company forfeited 1.6 million warrants worth ₹73.08 crore after investors failed to exercise them within the allotted timeframe.

Most of the proceeds didn't reach the issuer's own operations. Ashika lent ₹34.13 crore to group company Ashika Stock Services Limited (formerly Ashika Stock Broking Limited) and put ₹2.41 crore into shares and securities.

Two stated priorities went unfunded. Debt repayment and working capital had each been earmarked ₹10 crore; both received zero. With capital falling well below target, those plans won't proceed as envisioned.

The unmet capital requirement could strain Ashika's ability to service debt and cover operating costs. Directing most of what it did raise to a group entity, rather than its core needs, raises questions about capital allocation.

A preferential issue that lands at one-third of target, with the bulk redirected to a related party, points to weak investor appetite and blurred lines between the issuer and its group. How Ashika funds its debt and working capital from here — and how the loan to its group company performs — will be the tests to watch.