The Board of Directors of Company has inter-alia considered and approved Draft Letter of Offer in relation to the Rights Issue of the Company to be filed with BSE Limited (the 'Stock Exchange') ....
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Awaiting price reaction for this filing.
Veerkrupa Jewellers' board has approved the Draft Letter of Offer for a Rights Issue of up to 13.10 crore fully paid-up equity shares of face value ₹1 each, aggregating up to ₹13.10 crores. The issue price is set at ₹1 per share (at face value, no premium), with a 1:1 entitlement ratio — meaning every shareholder gets the right to buy one new share for every one held. If fully subscribed, total outstanding shares will double from ~13.10 crore to ~26.21 crore. The record date will be announced later. Separately, Nehaben Chiragbhai Shah — a Promoter, Whole-Time Director, and wife of the Managing Director — has been appointed as Internal Auditor for a 3-year term (FY2025-26 to FY2027-28), which raises a corporate governance concern given the family relationship.
The 1:1 rights issue at face value (₹1) for an already listed company is highly likely to be priced at a steep discount to the prevailing market price, potentially diluting existing shareholders' value unless they fully subscribe. The appointment of a promoter-family member as Internal Auditor may draw governance-related questions from investors and proxy advisors.