PNN
Ahmedabad (Gujarat) [India], June 24: Rights issue worth Rs 44.87 crore by Spright Agro Ltd (BSE - 531205), based in Ahmedabad, engaged in the business of agriculture. Contact Farming, Greenhouse Technology among others will open for subscription on June 24, 2024. Funds raised through the issue will be used to fund the company's expansion plans including working capital requirements and corporate purposes general. The rights issue of the company is being offered at a price of Rs 13.4 per share as compared to the closing share price of Rs 45.69 per share on June 21, 2024. The rights issue will close on July 12, 2024.
Right share issue offered at Rs 13.4 per share as compared to closing price of Rs 45.69 per share on June 21, 2024
Reflexes:
* The company will issue 3.34 crore fully paid shares at an issue price of Rs 13.4 per share; Rights release will close on July 12, 2024
*Right Issue funds will be used to fund the company's expansion plans, including meeting working capital requirements and for general corporate purposes.
* The rights ownership ratio for the proposed rights issue is 1:15, 1 rights share of Rs 1 each for every 15 fully paid up equity shares held by eligible shareholders.
* For FY23-24, company's revenue reports more than 8 times growth to Rs 72.59 crore and net profit increases more than 10 times to Rs 11.62 crore.
* In March 2024, the company issued bonus shares in a ratio of 1:1
The Company will issue 3,34,84,611 fully paid equity shares of face value of Rs 1 each in cash at a price of Rs 13.4 per equity share (including a premium of Rs 12.4 per equity share) aggregating 44.87 crores. . The rights ownership ratio for the proposed issue is fixed at 1:15 (1 equity rights share with a face value of Rs 1 each for every 15 fully paid equity shares held by the equity shareholders on the date registration: June 7, 2024). The last date for the waiver of rights in the market is July 8, 2024.
Of the issue proceeds of Rs 44.87 crore, the company intends to utilize Rs 34.15 crore for working capital requirements and Rs 10.32 crore for general corporate purposes.
Founded in 1994, Spright Agro Limited, formerly known as Tine Agro Limited, develops agricultural and forestry operations. The company plants, cultivates, produces and cultivates various agricultural and forestry crops, horticultural crops, greenhouses, greenhouses, medicinal and aromatic plants on owned and/or leased farms and operates as a manufacturer, importer and exporter, wholesaler, retailer and trader of all types of agricultural and other products. The company has a presence in 16 states and partners with more than 8,000 farmers.
Ahmedabad (Gujarat) [India], June 24: Rights issue worth Rs 44.87 crore by Spright Agro Ltd (BSE - 531205), based in Ahmedabad, engaged in the business of agriculture. Contact Farming, Greenhouse Technology among others will open for subscription on June 24, 2024. Funds raised through the issue will be used to fund the company's expansion plans including working capital requirements and corporate purposes general. The rights issue of the company is being offered at a price of Rs 13.4 per share as compared to the closing share price of Rs 45.69 per share on June 21, 2024. The rights issue will close on July 12, 2024.
Right share issue offered at Rs 13.4 per share as compared to closing price of Rs 45.69 per share on June 21, 2024
Reflexes:
* The company will issue 3.34 crore fully paid shares at an issue price of Rs 13.4 per share; Rights release will close on July 12, 2024
*Right Issue funds will be used to fund the company's expansion plans, including meeting working capital requirements and for general corporate purposes.
* The rights ownership ratio for the proposed rights issue is 1:15, 1 rights share of Rs 1 each for every 15 fully paid up equity shares held by eligible shareholders.
* For FY23-24, company's revenue reports more than 8 times growth to Rs 72.59 crore and net profit increases more than 10 times to Rs 11.62 crore.
* In March 2024, the company issued bonus shares in a ratio of 1:1
The Company will issue 3,34,84,611 fully paid equity shares of face value of Rs 1 each in cash at a price of Rs 13.4 per equity share (including a premium of Rs 12.4 per equity share) aggregating 44.87 crores. . The rights ownership ratio for the proposed issue is fixed at 1:15 (1 equity rights share with a face value of Rs 1 each for every 15 fully paid equity shares held by the equity shareholders on the date registration: June 7, 2024). The last date for the waiver of rights in the market is July 8, 2024.
Of the issue proceeds of Rs 44.87 crore, the company intends to utilize Rs 34.15 crore for working capital requirements and Rs 10.32 crore for general corporate purposes.
Founded in 1994, Spright Agro Limited, formerly known as Tine Agro Limited, develops agricultural and forestry operations. The company plants, cultivates, produces and cultivates various agricultural and forestry crops, horticultural crops, greenhouses, greenhouses, medicinal and aromatic plants on owned and/or leased farms and operates as a manufacturer, importer and exporter, wholesaler, retailer and trader of all types of agricultural and other products. The company has a presence in 16 states and partners with more than 8,000 farmers.
