Ahmedabad (Gujarat) [India], June 24: Rs. The Rs 44.87 crore rights issue of Ahmedabad-based Spright Agro Ltd (BSE – 531205), engaged in the business of agriculture, contact farming and greenhouse technology among others, will open for subscription on 24 June 2024. The funds raised through the issue will be used to finance the company's expansion plans, including working capital requirements and general corporate purposes. The company's rights issues are offered at a price of Rs. 13.4 per share as compared to the stock's closing 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 the 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, the company's revenue reports over 8x growth to Rs. 72.59 crore and net profit increases more than 10 times to Rs. 11.62 crores
In March 2024, the company issued free shares in a ratio of 1:1
Spright Agro Ltda.
The problem opens
Issue price
Issue closed
June 24, 2024
Rs. 13.4 per share
July 12, 2024
The Company will issue 3,34,84,611 fully paid up equity shares of face value of Rs. 1 each in cash priced at Rs. 13.4 per equity share (including a premium of Rs 12.4 per equity share) aggregating to Rs. 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.
Proceeds of Rs. 44.87 crore, the company intends to utilize Rs. 34.15 crore towards working capital requirement and Rs. 10.32 crores 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.
The company has the vision of being a global leader in the food and agricultural industry, recognized for its excellence, sustainability and social responsibility. We envision a future where everyone has access to safe, healthy and affordable food, and where agriculture drives environmental stewardship and economic development.
The company has reported exceptional operational and financial performance over the years with a 3-year CAGR of over 500% in revenue and 281% in net profit. For FY23-24 ending March 2024, the company reported revenue of Rs. 72.59 crore, an increase of more than 8 times compared to the revenue of Rs. 7.7 crores in FY22-23. The company's net profit for the year ended March 2024 was Rs. 11.62 crore, a growth of more than 10 times from the net profit of Rs. 1.02 crore in the corresponding period last year.
In the month of March 2024, the company issued extra shares in the ratio of 1:1 and also split shares of Rs. 10 face value at Rs. 1 nominal value.
The company is committed to global expansion by entering new international markets and establishing strategic partnerships. Through these efforts, we aim to create strong distribution networks that allow us to bring our high-quality products to a broader audience. By expanding our presence globally, we seek to not only grow our business but also share our commitment to sustainability, community support and innovation with new customers and communities around the world. This expansion is designed to promote economic development, improve food security, and ensure more people have access to safe, healthy, and affordable food.
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Right share issue offered at Rs. 13.4 per share as compared to the 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, the company's revenue reports over 8x growth to Rs. 72.59 crore and net profit increases more than 10 times to Rs. 11.62 crores
In March 2024, the company issued free shares in a ratio of 1:1
Spright Agro Ltda.
The problem opens
Issue price
Issue closed
June 24, 2024
Rs. 13.4 per share
July 12, 2024
The Company will issue 3,34,84,611 fully paid up equity shares of face value of Rs. 1 each in cash priced at Rs. 13.4 per equity share (including a premium of Rs 12.4 per equity share) aggregating to Rs. 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.
Proceeds of Rs. 44.87 crore, the company intends to utilize Rs. 34.15 crore towards working capital requirement and Rs. 10.32 crores 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.
The company has the vision of being a global leader in the food and agricultural industry, recognized for its excellence, sustainability and social responsibility. We envision a future where everyone has access to safe, healthy and affordable food, and where agriculture drives environmental stewardship and economic development.
The company has reported exceptional operational and financial performance over the years with a 3-year CAGR of over 500% in revenue and 281% in net profit. For FY23-24 ending March 2024, the company reported revenue of Rs. 72.59 crore, an increase of more than 8 times compared to the revenue of Rs. 7.7 crores in FY22-23. The company's net profit for the year ended March 2024 was Rs. 11.62 crore, a growth of more than 10 times from the net profit of Rs. 1.02 crore in the corresponding period last year.
In the month of March 2024, the company issued extra shares in the ratio of 1:1 and also split shares of Rs. 10 face value at Rs. 1 nominal value.
The company is committed to global expansion by entering new international markets and establishing strategic partnerships. Through these efforts, we aim to create strong distribution networks that allow us to bring our high-quality products to a broader audience. By expanding our presence globally, we seek to not only grow our business but also share our commitment to sustainability, community support and innovation with new customers and communities around the world. This expansion is designed to promote economic development, improve food security, and ensure more people have access to safe, healthy, and affordable food.
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