Outcome of Right Issue Committe Meeting-Withdrawal of Rigt Issue
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Bisil Plast Limited has withdrawn its proposed rights issue, which was originally announced via Letter of Offer dated March 4, 2025, and was open for subscription from March 18, 2025 to April 16, 2025. The issue aimed to raise up to ₹48.63 crore by issuing 48.62 crore equity shares at ₹1 per share in a 9:1 ratio to existing eligible shareholders. The withdrawal was triggered by the company's failure to secure the BSE listing approval within the required timeline, which left shareholders' funds blocked and attracted investor complaints. The Rights Issue Committee resolved to withdraw the issue on May 27, 2025, and the company is now coordinating with banks and its registrar (MUFG Intime India) to unblock the investors' funds.
Negative for shareholders in the short term — investors who applied will get their money back but lose any potential upside from the discounted rights entitlement. The failed capital raise also signals operational/regulatory hiccups and may dent investor confidence in the company's fundraising capability.