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Awaiting price reaction for this filing.
The board of Varyaa Creations Ltd has approved a fund-raising plan through a Rights Issue of equity shares (face value ₹10) to existing eligible shareholders, for an amount not exceeding ₹35 Crores. The entitlement ratio is 1 rights share for every 1 fully paid-up share held on the record date, which is yet to be announced. The rights issue price has also not been finalised and will be decided by a committee constituted for the purpose. Additionally, Mrs. Nivedita Sen (DIN: 07796043) has resigned as an Independent Director with immediate effect. The rights issue is subject to approvals from regulatory authorities under the Companies Act and SEBI ICDR Regulations.
Existing shareholders will get the opportunity to subscribe to additional shares in proportion to their current holdings, which could lead to share dilution if they do not participate. The issue price and record date are still pending, so the actual impact on share price and shareholder wealth is not yet clear.