Prior intimation of Board meeting to consider and approve Draft Letter of Offer for the issue of Rights Equity Share and other related matters thereto.
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Awaiting price reaction for this filing.
The company has informed the stock exchange that a Board meeting is scheduled for April 5, 2025, to review and approve the Draft Letter of Offer for a proposed rights issue of fully paid-up equity shares. This follows a prior Board meeting on March 19, 2025, where the decision to raise funds via a rights issue was already approved. The trading window for insiders remains closed until 48 hours after the announcement of audited Q4 and FY25 results. No specific terms of the rights issue (such as ratio, price, or discount) have been disclosed in this filing.
This is a procedural filing signaling that the company is moving forward with a capital raise via a rights issue. Shareholders should watch for the forthcoming Draft Letter of Offer for terms; a rights issue can dilute existing holdings if not fully subscribed but also allows participation at a potentially attractive price.