Sadhana Nitrochem Limited has informed the Exchange regarding 'Receipt of In-Principle Approval for Rights Issue'.
SADHNANIQ · price
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Sadhana Nitrochem Limited has received in-principle approvals from both BSE and NSE for its proposed Rights Issue of fully paid-up equity shares. The issue is expected to raise up to Rs. 26,352.92 lakhs, with each share having a face value of Re. 1. The exact issue price, premium, and entitlement ratio are yet to be disclosed (marked as [●] in the filing). The company must now comply with all statutory and listing requirements, including SEBI, RBI, MCA guidelines, before finalizing the offer and dispatching the Letter of Offer to eligible shareholders.
This is a routine procedural step in a rights issue, not a final approval for fundraising. Shareholders will get an opportunity to subscribe to additional shares in proportion to their existing holdings, which could lead to dilution if they do not participate. The stock price may react once the final issue price, ratio, and record date are announced.