Intimation under Regulation 30 of SEBI (LODR) Reg, 2015, as amended read with applicable circulars issued thereto, ("SEBI LODR Regulations")- withdrawal of proposed preferential issue of ....
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On the reaction day the stock moved 0.5 pts more than Nifty Microcap 250 and 1.5 pts less than its Granites & Marbles peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Royal Cushion Vinyl Products has withdrawn its proposed preferential issue of up to 46.37 lakh fully paid-up equity shares to private investors. The Board had approved the issue on March 26, 2025, shareholders approved it on April 28, 2025, and BSE had granted in-principle approval on June 4, 2025. However, many proposed investors expressed unwillingness to participate, citing current market uncertainties, volatility, and the substantial time gap since the original board approval. The company has stated that this withdrawal will not have any material impact on its business operations or financial stability, and it may explore alternative avenues for raising capital in the future.
This is a neutral-to-slightly-negative signal for the stock in the short term, as the company will not be receiving the planned equity infusion. However, management's assurance of no material impact on operations and the possibility of exploring alternative funding routes limits downside risk.