Approved the raising of funds, through issuance and allotment of equity shares having face value of 10 each up to an aggregate amount not exceeding Rs. 90 crore (Rupees Ninety Crore Only), ....
Awaiting price reaction for this filing.
AVI Polymers Ltd's board has approved raising funds of up to Rs. 90 crore through a Rights Issue of equity shares with a face value of Rs. 10 each. The shares will be offered to existing eligible equity shareholders on a rights basis, with the record date to be notified later. The board has set up an Allotment Committee to finalise the detailed terms, pricing, and number of shares. The issue is subject to regulatory and statutory approvals under SEBI and the Companies Act. The purpose of fund utilisation has not been disclosed in the filing.
Existing shareholders may need to contribute additional capital to maintain their stake or face dilution if they choose not to participate. The final pricing and use of funds, once announced, will determine whether the issue is viewed positively or negatively by the market.