The Board of Directors of the Company in their meeting held on today i.e. April 5, 2025, has considered and approved Draft Letter of offer to be filled with BSE Limited ("Stock Exchange") ....
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Veeram Securities Limited's board, at a meeting held on April 5, 2025, approved the Draft Letter of Offer for a Rights Issue to be filed with BSE. The company plans to issue up to 3,78,20,426 fully paid-up equity shares of face value ₹2 each at an issue price of ₹8 per share (including a premium of ₹6), aiming to raise up to ₹3,025.63 lakhs (around ₹30.26 crore). The entitlement ratio is 1 rights share for every 2 equity shares held by existing shareholders on the record date (to be announced later). Post-issue, outstanding equity shares would rise from 7,56,40,852 to 11,34,61,278, assuming full subscription. Full payment is required on application itself.
Existing shareholders will need to decide whether to subscribe to their rights entitlement; non-subscribing shareholders face dilution of their stake by up to 50% (from ~7.56 crore to ~11.35 crore shares). The ₹8 issue price at a premium to face value is mildly positive, though the purpose of fund raising has not been specified, leaving uncertainty on how the capital will be deployed.