Outcome of Board Meeting held on Tuesday July 29, 2025
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Sprayking Ltd's board approved accepting the Letter of Offer for a Rights Issue of 4,00,000 equity shares in its material unlisted subsidiary, Narmadesh Brass Industries Limited, at Rs. 10 face value plus Rs. 165 premium, aggregating to Rs. 7 crore, in a 1:3 ratio. The board also approved converting an existing inter-company loan of up to Rs. 7 crore into equity in the subsidiary against this rights issue, and treated it as a related-party transaction under Section 188. Additionally, the board fixed August 12, 2025 as the record date for splitting each equity share of Rs. 2 face value into two shares of Rs. 1 face value. This will double the number of outstanding shares and halve the per-share price.
The share split may improve retail liquidity and affordability of the stock, while the equity infusion into the subsidiary strengthens its capital base but represents a further investment (via loan conversion) in an unlisted arm, with no direct value accretion for Sprayking shareholders unless the subsidiary's performance improves materially.