New Delhi, Animal healthcare solutions firm Ajooni Biotech on Tuesday opened a rights issue with the aim of raising Rs 43.81 crore from existing shareholders.
Ajooni Biotech will offer 8,76,13,721 fully paid equity shares of face value Rs 2 each at Rs 5 per equity share, aggregating to Rs 43.8 crore, the company said in a statement.
This issue will close on 31 May.
The company said the funds raised through the issue will be used to finance land acquisition, site development and civil works, acquire plant and machinery, working capital requirement and finance expenditure for corporate purposes.
The rights entitlement ratio for the proposed issue has been fixed at 1:1 (1 equity share of face value of Rs 2 for every 1 equity share) and the record date is May 7.
The deadline for on-market relinquishment of rights rights is May 23, 2024.
The company's rights issue has been offered at Rs 5 per share - a 20 per cent discount to the closing share price of Rs 6.5 on May 18.
The company's promoter group is also participating in the rights issue.
Rating agency CRISIL has upgraded the company's long-term credit facility rating to "CRISIL BB+/Stable".
For the financial year ending March 2024, the company reported a net profit of Rs 2.16 crore, an increase of 92.86 per cent, compared to Rs 1.12 crore during the previous financial year ending March 2023.
Turnover also increased by 7.54 per cent to Rs 80.11 crore in FY24, compared to Rs 74.49 crore a year ago.
Ajooni Biotech will offer 8,76,13,721 fully paid equity shares of face value Rs 2 each at Rs 5 per equity share, aggregating to Rs 43.8 crore, the company said in a statement.
This issue will close on 31 May.
The company said the funds raised through the issue will be used to finance land acquisition, site development and civil works, acquire plant and machinery, working capital requirement and finance expenditure for corporate purposes.
The rights entitlement ratio for the proposed issue has been fixed at 1:1 (1 equity share of face value of Rs 2 for every 1 equity share) and the record date is May 7.
The deadline for on-market relinquishment of rights rights is May 23, 2024.
The company's rights issue has been offered at Rs 5 per share - a 20 per cent discount to the closing share price of Rs 6.5 on May 18.
The company's promoter group is also participating in the rights issue.
Rating agency CRISIL has upgraded the company's long-term credit facility rating to "CRISIL BB+/Stable".
For the financial year ending March 2024, the company reported a net profit of Rs 2.16 crore, an increase of 92.86 per cent, compared to Rs 1.12 crore during the previous financial year ending March 2023.
Turnover also increased by 7.54 per cent to Rs 80.11 crore in FY24, compared to Rs 74.49 crore a year ago.