Receipt of Call Money for the First and Final Call on Outstanding Partly Paid Up Rights Issue Equity Shares
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Sharat Industries has completed collection of the First and Final Call Money of ₹23.25 per share on its partly paid-up Rights Equity Shares, which were allotted on August 12, 2024 under a Letter of Offer dated July 04, 2024. The total Rights Issue size was ₹48.18 crore at ₹31 per share. After initial collection (90.94%) and two reminder cum forfeiture notices, the company has now received ₹47.62 crore, or 98.83% of the total issue amount. The Board approved conversion of 1,89,609 partly paid-up shares (₹2.50 paid-up) into fully paid-up equity shares of ₹10 each. Post-conversion, paid-up capital stands at ₹39.21 crore comprising 3,92,14,451 fully paid-up shares and 2,41,174 remaining partly paid-up shares.
Near-full collection (98.83%) signals strong shareholder participation in the rights issue, though a small portion (about 1.17%) remains unpaid and may face forfeiture. The conversion marginally increases the fully paid-up share base and completes the capital raise process.