PN Ahmedabad (Gujarat) [India], May 27: Gujarat-based Franklin Industries Ltd's rights issue worth Rs 38.83 crore
(BSE 540190) which is engaged in trading of agricultural commodities and contract farming services, opened for subscription on May 24, 2024. The funds raised through the issue will be used to fund the expansion plans of the company including working capital requirements and general corporate purposes. The company's rights issue has been offered at a price of Rs 3.58 per share, while the closing share price on May 24, 2024 was Rs 7.50 per share. The rights issue will close on June 11, 2024. Highlights * The company will fully issue Rs 10.84 crore.-Equity shares paid at issue price of Rs 3.58 per share *The price of shares in the rights issue is Rs 3.58 per share as compared to the closing share price of Rs 7.50 per share on May 24, 2024; The rights issue will close on June 11, 202 * The rights issue funds will be used to meet the working capital requirements of the company for its expansion plans and for general corporate purposes * Rights entitlement ratio for the proposed rights issue is 3:1, 3 Rights equity is shares worth Rs 1 for every 1 fully paid equity shares held by an eligible equity shareholder *For FY23-24, total income grew 148 per cent year-on-year to Rs 50.96 crore; Profit increased manifold to Rs 10.46 crore
The company will issue 10,84,50,000 fully paid equity shares of face value of Re 1 in cash at a price of Rs 3.58 per equity share (including premium of Rs 2.58 per equity share) aggregating to Rs 38.83 crore. The rights entitlement ratio for the proposed issue has been fixed at 3:1 (3 rights equity shares of face value of Rs 1 for every 1 fully paid equity share held by th equity shareholders as on record date – May 13, 2024) . The last date for on-market renunciation of rights entitlements is June 5, 2024. Out of the issue proceeds of Rs 38.83 crore, the company intends to use Rs 29.2 crore for working capital requirement and Rs 9.31 crore for general corporate purposes. Incorporated in 1983, Franklin Industries Limited is engaged in trading of agricultural commodities, such as wheat, rice, maize, vegetable (including capsicum, tomato, etc.), fruits (including mango, watermelon, grapes etc.), and other agricultural products. Is. 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 fiscal year 2023-24 ending March 2024, the company has reported total income of Rs 50.9 crore, an increase of 148 percent compared to the total. Income of Rs 20.52 crore The company reported net profit of Rs 10.4 crore for the year ending March 2024, several times higher than the net profit of Rs 21.43 lakh in the same period last year. The company has completed a stock split from R10 per share to R1 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.
(BSE 540190) which is engaged in trading of agricultural commodities and contract farming services, opened for subscription on May 24, 2024. The funds raised through the issue will be used to fund the expansion plans of the company including working capital requirements and general corporate purposes. The company's rights issue has been offered at a price of Rs 3.58 per share, while the closing share price on May 24, 2024 was Rs 7.50 per share. The rights issue will close on June 11, 2024. Highlights * The company will fully issue Rs 10.84 crore.-Equity shares paid at issue price of Rs 3.58 per share *The price of shares in the rights issue is Rs 3.58 per share as compared to the closing share price of Rs 7.50 per share on May 24, 2024; The rights issue will close on June 11, 202 * The rights issue funds will be used to meet the working capital requirements of the company for its expansion plans and for general corporate purposes * Rights entitlement ratio for the proposed rights issue is 3:1, 3 Rights equity is shares worth Rs 1 for every 1 fully paid equity shares held by an eligible equity shareholder *For FY23-24, total income grew 148 per cent year-on-year to Rs 50.96 crore; Profit increased manifold to Rs 10.46 crore
The company will issue 10,84,50,000 fully paid equity shares of face value of Re 1 in cash at a price of Rs 3.58 per equity share (including premium of Rs 2.58 per equity share) aggregating to Rs 38.83 crore. The rights entitlement ratio for the proposed issue has been fixed at 3:1 (3 rights equity shares of face value of Rs 1 for every 1 fully paid equity share held by th equity shareholders as on record date – May 13, 2024) . The last date for on-market renunciation of rights entitlements is June 5, 2024. Out of the issue proceeds of Rs 38.83 crore, the company intends to use Rs 29.2 crore for working capital requirement and Rs 9.31 crore for general corporate purposes. Incorporated in 1983, Franklin Industries Limited is engaged in trading of agricultural commodities, such as wheat, rice, maize, vegetable (including capsicum, tomato, etc.), fruits (including mango, watermelon, grapes etc.), and other agricultural products. Is. 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 fiscal year 2023-24 ending March 2024, the company has reported total income of Rs 50.9 crore, an increase of 148 percent compared to the total. Income of Rs 20.52 crore The company reported net profit of Rs 10.4 crore for the year ending March 2024, several times higher than the net profit of Rs 21.43 lakh in the same period last year. The company has completed a stock split from R10 per share to R1 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.
