Team India Guaranty Limited (formerly **Times Guaranty Limited**) is a **Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC)**. Registered with the **Reserve Bank of India (RBI)** as a non-deposit taking entity (**NBFC-ND**), the company is currently classified under the **Base Layer (NBFC-BL)** of the RBI’s Scale-Based Regulation framework, as its asset size remains below **₹1,000 crore**. --- ### **Strategic Pivot: From Passive Investment to Fintech-Driven Lending** Historically, the company operated as a pure-play investment firm, managing a portfolio of equity and debt instruments. Following a change in management and control in late **2024**, the company is undergoing a "calibrated expansion" to transition into a diversified financial services provider. * **Lending Operations:** The company officially commenced active lending operations in **June 2025**, targeting the **Retail and SME finance** sectors. * **Digital Integration:** A core pillar of the new strategy is the integration of a **fintech ecosystem**. The company utilizes anchor-based sourcing and automated credit decisioning to drive speed and accessibility. * **Geographic Expansion:** While operating in a single domestic segment (India), the company expanded its physical footprint in **February 2026** by opening a branch office in **Pune, Maharashtra**, to support its growing credit operations. --- ### **Corporate Restructuring and Ownership Transition** A transformative shift in ownership occurred via a **Share Purchase Agreement (SPA)** dated **December 14, 2023**, which was consummated in **November 2024** following mandatory RBI approval. | Feature | Details | | :--- | :--- | | **New Promoter Group** | **Team India Managers Limited**, Surajkumar Saraogi, Sharda Omprakash Saraogi, and Karan Surajkumar Saraogi | | **Former Promoter** | **Bennett, Coleman & Company Limited (BCCL)** (Reclassified to Public in April 2025) | | **Acquisition Stake** | **74.92%** (67,37,399 equity shares) | | **Acquisition Price** | **₹50.01** per share | | **Open Offer Price** | **₹76.98** per share (including interest) | | **Paid-up Capital** | **₹8,99,31,490** (89,93,149 Equity Shares of ₹10 each) | | **Name Change** | Effective **July 1, 2025**, to **Team India Guaranty Limited** | The new management has committed to a **two-year lock-in period** (ending **November 2026**) during which they will not alienate any significant assets of the company, except in the ordinary course of business. --- ### **Product Architecture and Fintech Ecosystem** The company’s business model emphasizes a technology-first approach to financial intermediation. The current service architecture is divided into three primary focus areas: | Segment | Key Offerings | Strategic Objective | | :--- | :--- | :--- | | **Digital Lending** | Consumer and business credit products | Scalable **AUM growth** via digital channels | | **Credit Tech** | Proprietary tech stacks for underwriting | Enhancing **risk assessment precision** | | **Fintech Services** | Ecosystem partnerships (e.g., **4A FinTech**) | Strengthening **market penetration** | **Operational Readiness:** To support these credit operations, the company has registered with **NESL, CERSAI, CKYC**, and the **RBI’s Complaint Management System**. --- ### **Financial Performance and Asset Quality** The company has demonstrated a trajectory of growth in profitability, driven by optimized interest income from its investment book. **Key Financial Metrics (FY 2024-25):** * **Net Profit after Tax:** **₹2.34 crore** (up from **₹1.78 crore** in FY 2023-24). * **Earnings Per Share (EPS):** **₹2.60**. * **Net Worth:** **₹47.77 crore**. * **Leverage Ratio:** Significantly below the **RBI ceiling of 7**; total borrowings were **Nil** as of March 31, 2025. * **Statutory Compliance:** Transfers **20% of annual profits** to a statutory Reserve Fund per **Section 45-IC of the RBI Act**. **Investment Portfolio Composition (as of March 31, 2024):** The company manages its assets through a structured hierarchy to ensure liquidity and safety. | Asset Type | Valuation (₹ Lakhs) | Measurement Level | | :--- | :---: | :--- | | **Investment in Bonds** | **2,000.69** | Level 1 (Quoted) | | **FD with NBFC** | **275.00** | Level 3 | | **Mutual Funds** | **54.10** | Level 2 | | **Total Financial Assets** | **2,329.79** | — | --- ### **Capital Raise and Deferred Acquisition** In **March 2026**, the company announced a strategic move to acquire **100%** of **4A Financial Technologies Private Limited** for **₹64.08 crore**. This was intended to provide a "full-stack" fintech capability. * **Proposed Allotment:** **22,48,270** Equity Shares at **₹285** per share (including a premium of **₹275**). * **Current Status:** **Deferred**. The transaction was postponed because the company received only **62.14%** of the requisite consideration from the proposed allottees. * **Capital Impact:** There is currently **no change** in the paid-up equity share capital, though the Board may revisit the proposal in the future. --- ### **Risk Management and Regulatory Framework** As a financial intermediary, the company is exposed to market volatility and evolving regulatory standards under the **Scale-Based Regulatory (SBR)** framework. * **Market and Interest Risk:** The company manages a **shorter duration investment portfolio** to minimize fair value impacts. It utilizes **Value at Risk (VaR)** to monitor sensitivity; a **5% change** in the investment book price would impact profits by approximately **₹1.03 crore**. * **Liquidity Risk:** Managed by monitoring **Asset-Liability Mismatches (ALM)**. The company currently maintains a sufficient liquidity buffer to meet all obligations due within **one year**. * **Minimum Public Shareholding (MPS):** Following the change in control, the promoters are obligated to restore the public shareholding to the levels required by **Rule 19A (SCRR)** if it falls below the threshold. * **Governance:** Under Chairman **Ashok Anant Paranjpe**, the company has appointed **M/s. V. B. Goel & Co.** as Statutory Auditors for a 5-year term (starting **2025**) to ensure rigorous financial oversight.