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Awaiting price reaction for this filing.
The Board of Directors approved the final terms of a proposed Rights Issue first cleared in November 2024. The company will issue up to 70,05,579 equity shares (face value ₹10) at ₹70 per share, including a premium of ₹60, raising up to roughly ₹49.04 crore assuming full subscription. Eligible shareholders will get 7 shares for every 10 held, with a record date of June 6, 2025. The issue opens on June 20, 2025 and closes on July 4, 2025, with renunciation allowed both on-market and off-market. If fully subscribed, total outstanding equity shares will rise from about 1 crore to roughly 1.70 crore.
Existing shareholders will see their holdings diluted by about 70% on a fully subscribed basis and need to decide by July 4 whether to invest more capital to maintain their proportional stake or let the rights lapse. The issue price carries a premium over face value, so sentiment will depend on how ₹70 compares to the prevailing market price.