We would like to inform that Rights Issue Committee has offered unsubscribed portion of the Rights Issue to the Promoter of the Company.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
StarlinePS Enterprises informed the stock exchange that the Rights Issue Committee has offered the unsubscribed portion of its Rights Issue to promoter Varshaben D. Koradiya. The unsubscribed portion comprises 1,08,12,617 equity shares, representing 10.42% of the total Rights Issue size. The promoter has accepted the offer at Rs. 2 per equity share, aggregating to Rs. 2,16,25,234, and has deposited the full subscription amount in the company's bank escrow account. This action is taken under Section 62(1)(a)(iii) of the Companies Act, 2013, to ensure the Rights Issue is fully subscribed.
This is mildly positive for shareholders as it confirms full subscription of the Rights Issue with promoter backing, signaling promoter confidence and avoiding any partial issuance failure. However, promoter holdings will increase, leading to slight dilution for existing public shareholders.