Pursuant to the approval of Board of directors of the company on 30th December, 2024 and Draft Letter of Offer dated 07th March, 2025 submitted for obtaining 'In Principle Approval' for ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
IFL Enterprises' board has finalised the terms of a Rights Issue of up to Rs. 50 crore, comprising 49.14 crore equity shares of Rs. 1 face value each, priced at Rs. 1 per share (i.e. at face value, no premium). The entitlement ratio is set at 60 rights shares for every 91 shares held by eligible shareholders as on the record date of June 13, 2025. The issue opens on June 19, 2025 and closes on June 30, 2025, with BSE's in-principle approval already received on May 19, 2025. Separately, Mr. Sarang Likhitkar has been redesignated from Managing Director to Non-Executive Director, and Mr. Abhishek Thakkar has been appointed as the new Managing Director for a 5-year term.
Existing shareholders face significant dilution (~66% increase in share count at the ratio given) and will need to fund the rights entitlement to maintain their stake. The issue price being at face value with no premium is shareholder-friendly on pricing, but the large size relative to the company's small base could weigh on the stock in the short term.