Outcome of Rights issue Committee meeting in connection with the proposed Rights issue.

Rights issue at a steep discountCorporate Actions View source PDF Explain this filing

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AI summary

The company's Rights Issue Committee approved a rights issue of up to 48.89 crore fully paid-up equity shares at Re. 1 per share (at par value), for an aggregate amount of up to Rs. 48.89 crore. The entitlement ratio is set at an extremely steep 159 rights shares for every 10 existing shares held. Record date is April 15, 2025, issue opens April 30 and closes May 21, 2025. If fully subscribed, total outstanding shares will balloon from 3.07 crore to about 51.97 crore — nearly a 17-fold increase.

Likely market impact

Highly dilutive for existing shareholders whose stake will shrink to roughly 6% of the enlarged capital if they don't subscribe. Shareholders must inject significant fresh capital to maintain their proportional holding; failure to do so will result in massive value dilution.