Ahmedabad (Gujarat) [India], May 27: Rs. Rights issue of Rs 38.83 crore of Gujarat-based Franklin Industries Limited (BSE – 540190), engaged in trading of agricultural commodities and providers of contract farming services, has opened for subscription on May 24, 2024. The funds raised through the issue will be used to finance the company. Expansion plans including working capital requirements and general corporate objectives. The company's rights issue has been offered at a price of Rs. Compared to the closing share price of Rs 3.58 per share. 7.50 per share on May 24, 2024.The rights issue will close on June 11, 2024.
Main characteristics:
• The company will issue 10.84 crore fully-paid equity shares at an issue price of Rs. 3.58 per share
• The price of shares in the rights issue is Rs. 3.58 per share compared to closing share price of Rs. 7.50 per share on May 24, 2024; The rights issue will close on June 11, 2024
• The rights issue funds will be used to meet the working capital requirements of the company for its expansion plans and for general corporate purpose
• The rights entitlement ratio for the proposed rights issue is 3:1, i.e. 3 rights equity shares of Rs. 1 each for every 1 fully-paid equity shares held by eligible equity shareholders
• For FY23-24, total income grew by 148% year-on-year.50.96 crores; Net profit increased manifold to Rs. 10.46 crores
Franklin Industries Limited
issue opens
issue price
issue closes
May 24, 2024
Rupee. Rs 3.58 per equity share
June 11, 2024
The company will issue 10,84,50,000 fully paid-up equity shares of face value of Rs. For each cash at the price of Rs. 3.58 per equity share (including premium of Rs 2.58 per equity share) aggregating to Rs. 38.83 crores. The rights entitlement ratio for the proposed issue has been fixed at 3:1 (3 rights equity shares of face value of Rs 1 each for every 1 fully paid equity share held by equity shareholders as on record date – May 13, 2024) . The last date for relinquishment of on-market rights rights is June 5, 2024.
The amount received from the issue was Rs. The company intends to utilize Rs 38.83 crore. Rs 29.2 crore for working capital requirement.9.31 crore for general corporate purposes.
Incorporated in 1983, Franklin Industries Limited is engaged in trading of wheat, rice, maize, vegetable (including capsicum, tomato etc.), fruits (including mango, watermelon, grapes etc.) and agricultural commodities. Other agricultural products. The company has recently announced strategic initiatives to diversify its business operations into contract farming business. Contract farming offers significant possibilities for expanding an innovation within its business framework. This initiative is in line with the company's vision to optimize farming practices, leverage technological advancements and establish mutually beneficial partnerships with local farmers and agriculture stakeholders.The company practices contract manufacturing by leasing agricultural land where they cultivate cucumbers, onions and castor. The company shares a part of the produce with farmers who work on leased land on a contract basis, thereby supporting the local farming community.
The company also provides contract manufacturing services for agricultural products such as cucumber, onion and castor. The Company obtains these products from manufacturers by making advance payment or as per agreed terms, and then sells them to our network of distributors. Through our presence in the market, we have developed strong relationships with both farmers and wholesaler/retailer community.For FY23-24 ending March 2024, the company has reported total income of Rs. An increase of 148% compared to total income of Rs 50.9 crore. 20.52 crores. The company's profit for the year ending March 2024 is Rs. Told. Multifold increase from net profit of Rs 10.4 crore. In the same period last year it was 21.43 lakh.The company has completed stock split from Rs. 10 per share t Rs. 1 per share in January 2024.
Assuming full subscription, the outstanding equity shares after the issue will increase to 14.46 crore equity shares from the existing 3.61 crore equity shares..
Main characteristics:
• The company will issue 10.84 crore fully-paid equity shares at an issue price of Rs. 3.58 per share
• The price of shares in the rights issue is Rs. 3.58 per share compared to closing share price of Rs. 7.50 per share on May 24, 2024; The rights issue will close on June 11, 2024
• The rights issue funds will be used to meet the working capital requirements of the company for its expansion plans and for general corporate purpose
• The rights entitlement ratio for the proposed rights issue is 3:1, i.e. 3 rights equity shares of Rs. 1 each for every 1 fully-paid equity shares held by eligible equity shareholders
• For FY23-24, total income grew by 148% year-on-year.50.96 crores; Net profit increased manifold to Rs. 10.46 crores
Franklin Industries Limited
issue opens
issue price
issue closes
May 24, 2024
Rupee. Rs 3.58 per equity share
June 11, 2024
The company will issue 10,84,50,000 fully paid-up equity shares of face value of Rs. For each cash at the price of Rs. 3.58 per equity share (including premium of Rs 2.58 per equity share) aggregating to Rs. 38.83 crores. The rights entitlement ratio for the proposed issue has been fixed at 3:1 (3 rights equity shares of face value of Rs 1 each for every 1 fully paid equity share held by equity shareholders as on record date – May 13, 2024) . The last date for relinquishment of on-market rights rights is June 5, 2024.
The amount received from the issue was Rs. The company intends to utilize Rs 38.83 crore. Rs 29.2 crore for working capital requirement.9.31 crore for general corporate purposes.
Incorporated in 1983, Franklin Industries Limited is engaged in trading of wheat, rice, maize, vegetable (including capsicum, tomato etc.), fruits (including mango, watermelon, grapes etc.) and agricultural commodities. Other agricultural products. The company has recently announced strategic initiatives to diversify its business operations into contract farming business. Contract farming offers significant possibilities for expanding an innovation within its business framework. This initiative is in line with the company's vision to optimize farming practices, leverage technological advancements and establish mutually beneficial partnerships with local farmers and agriculture stakeholders.The company practices contract manufacturing by leasing agricultural land where they cultivate cucumbers, onions and castor. The company shares a part of the produce with farmers who work on leased land on a contract basis, thereby supporting the local farming community.
The company also provides contract manufacturing services for agricultural products such as cucumber, onion and castor. The Company obtains these products from manufacturers by making advance payment or as per agreed terms, and then sells them to our network of distributors. Through our presence in the market, we have developed strong relationships with both farmers and wholesaler/retailer community.For FY23-24 ending March 2024, the company has reported total income of Rs. An increase of 148% compared to total income of Rs 50.9 crore. 20.52 crores. The company's profit for the year ending March 2024 is Rs. Told. Multifold increase from net profit of Rs 10.4 crore. In the same period last year it was 21.43 lakh.The company has completed stock split from Rs. 10 per share t Rs. 1 per share in January 2024.
Assuming full subscription, the outstanding equity shares after the issue will increase to 14.46 crore equity shares from the existing 3.61 crore equity shares..
