This refers to our earlier disclosure dated October 16, 2025, regarding rights issue of up to 80,85,550 (Eighty Lakhs Eighty-Five Thousand Five Hundred and Fifty) fully paid-up equity shares ....
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Covidh Technologies has completed its rights issue, allotting 80,85,550 fully paid-up equity shares of face value ₹10 each at an issue price of ₹10 per share (issued at par), aggregating to ₹8.0856 crores. The rights issue opened on November 3, 2025 and closed on November 10, 2025, with allotment approved by the Board on November 11, 2025. The entitlement ratio is extremely steep at roughly 25 new shares for every 1 existing share. As a result, the company's paid-up equity capital has jumped sharply from ₹32.34 lakhs (3,23,422 shares) to ₹8.4089 crores (84,08,972 shares), a ~26-fold increase in share count.
This is a heavily dilutive rights issue — existing shareholders who did not subscribe will see their stake fall to roughly 1/26th of its previous level. Even fully subscribing shareholders may see the per-share price adjust downward to reflect the ~26x expansion in share count. The ₹8 crore raised is relatively small, which raises questions about the dilution vs. capital raised trade-off.