The Rights issue committee in their meeting held today 9th April,2025 has inter-alia approved the 1) LOF including the terms of the issue 2) Record date for determining eligible shareholders ....
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On the reaction day the stock moved 1.1 pts less than Nifty Microcap 250 and 1.7 pts less than its Garments & Apparels peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Rights Issue Committee of Garment Mantra Lifestyle Ltd approved issuing up to 39,14,97,795 partly paid-up equity shares of Rs. 1 face value at Rs. 1.20 per share (including Rs. 0.20 premium), aggregating to Rs. 46.97 crores. The ratio is 39 partly paid shares for every 20 fully paid shares held. Shareholders need to pay Rs. 0.30 per share on application (Rs. 0.25 face value + Rs. 0.05 premium), with the balance payable in two or more future calls. The record date has been fixed as Thursday, April 17, 2025, to determine eligible shareholders. Post-issue share count would rise from about 20.08 crore to 59.23 crore shares assuming full subscription.
Eligible shareholders as on April 17, 2025 will receive rights entitlements to buy additional shares at Rs. 1.20 each, though most of the price is deferred to future calls. This is a significant equity dilution (nearly tripling the share count) which may weigh on the stock price in the near term.