Bannari Amman Spinning Mills Limited has informed the Exchange about Copy of Newspaper Publication-Rights Issue of Equity Shares of Bannari Amman Spinning Mills Limited - Pre issue Advertisement
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Bannari Amman Spinning Mills has informed the stock exchanges about publishing its Pre-Issue Advertisement for a rights issue, in line with SEBI ICDR rules. The company is offering up to 1,50,79,504 equity shares at ₹27 each (face value ₹5 + ₹22 premium), aiming to raise up to ₹40.71 crore. Existing shareholders can subscribe in the ratio of 10 rights shares for every 43 shares held on the record date of April 30, 2025. The issue opens on May 13, 2025, with renunciation allowed until May 19, and closes on May 26, 2025. The advertisement appeared in Financial Express (English), Janasatta (Hindi), and Makkal Kural (Tamil). Saffron Capital Advisors is the lead manager and MUFG Intime India is the registrar.
Eligible shareholders as of the April 30, 2025 record date can subscribe to these rights shares at ₹27 each, which is 5.4 times face value. Shareholders who do not wish to subscribe can renounce their rights by May 19, 2025. The fund raise is relatively modest (around ₹40 crore) and may lead to mild dilution for non-participating shareholders.