Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 the Board of Directors of Purple Finance Limited at their Meeting held on 15th May, 2025 have considered and approved: 1. The ....
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Purple Finance's board approved several key items on 15th May, 2025. It cleared the issuance of Non-Convertible Debentures (NCDs) via private placement of up to Rs. 150 crore for FY 2025-26, subject to shareholder approval. The authorised share capital was raised from Rs. 55.60 crore to Rs. 60 crore (5.56 crore to 6 crore equity shares of Rs. 10 each). The board also approved a Rights Issue of 96,04,273 fully paid-up equity shares at Rs. 42 per share (including a Rs. 32 premium), aggregating around Rs. 40.34 crore, with a 3:14 entitlement ratio. The record date for the Rights Issue is 23rd May, 2025, with the issue window running from 2nd June to 10th June, 2025. The 31st Annual General Meeting is scheduled for 12th June, 2025 at 11:00 a.m. The board also approved the Directors' Report, MDAR, and Letter of Offer for the Rights Issue.
Existing shareholders will receive Rights Entitlements in their demat accounts and can subscribe to new shares at Rs. 42 each, but the equity base will expand from about 4.48 crore to 5.44 crore shares if fully subscribed, leading to dilution. The NCD plan of up to Rs. 150 crore signals significant debt fundraising, though shareholder approval at the upcoming AGM is still required. Investors should watch for the Letter of Offer and AGM outcome, as these will shape the company's capital structure.