Letter of offer in connection with the proposed Rights Issue of Avantel Limited
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Avantel Limited has issued the Letter of Offer for its proposed Rights Issue of up to 2,02,26,100 fully paid-up equity shares of face value Rs. 2 each at an issue price of Rs. 40 per share, aggregating up to Rs. 80.90 crores. The issue is being offered to eligible shareholders in the ratio of 10 rights shares for every 121 existing shares held as on the record date of May 7, 2025. The issue opens on May 15, 2025 and closes on May 28, 2025, with 100% payment due on application. The proceeds are expected to be used as per the objects of the issue disclosed in the Letter of Offer.
Eligible shareholders can subscribe to the rights shares in the specified ratio to maintain their proportionate ownership. Non-participation would result in dilution of equity stake by approximately 8.3%. Investors should review the objects of the issue and risk factors before deciding to subscribe.