Ajooni Biotech Ltd, One of the leading companies in the animal healthcare solutions and animal feed supplements is schedule to open its Rs. 29.01 crore rights issue on December 7, 2022. The funds raised through the issue will be utilised to meet the working capital requirements to fund company's expansion plans, entering new geographies and for general corporate purposes. RRights Issue closes on December 15, 2022. As per the reports the Company will issue 4,83,60,313 fully paid-up Equity Shares of face value of Rs. 2 each for cash at a price of Rs. 6 per Equity Share (including a premium of Rs. 4 per Equity Share) aggregating to Rs. 29.01 crore. The Rights entitlement ratio for the proposed issue is fixed at 29:30 (29 equity shares of face value of Rs. 2 each for every 30 equity shares of Rs. 2 each held by the equity shareholders on the record date - November 25). Last date for On-market Renunciation of Rights Entitlements is December 9, 2022.
Company’s Board of the directors on October 17, 2022 approved the issuance of equity shares by way of a rights issue to eligible equity shareholders for an amount not exceeding Rs. 30 crore. Post the rights issue, total outstanding shares of the company should increase to 9,83,88,223 equity shares from 5,00,27,910 equity shares prior to the rights issue.The Indian animal feed market reached a value of Rs. 873.7 billion in 2021. Looking forward, the market is projected to reach Rs. 1493.8 billion by 2027, exhibiting at a CAGR of 9.6% during 2022- 2027.
For FY 22, Company reported sales of Rs. 74 crore - growth of 46% as against sales of Rs. 50.8 crore in FY21, EBITDA grew 88% to Rs. 3.08 crore in FY22, Net Profit registered 183% rise during FY22 to Rs. 1.05 crore. Company has achieved strong CAGR of 23% in Sales and 37% in Net Profit and 65% in EBITDA during the last 3 years with an improving return ratios. Promoter Group holding in the company is 67.35% as on 30 Sep 2022. Company came up with it’s IPO on NSE Emerge platform in December 2017 & migrated to the main board of NSE in May 2022. On 7 October 2022, there has been a stock split from Rs. 10 per equity share to Rs. 2 per equity share.
Commenting on the development, Mr. Jasjot Singh, Chairman and Managing Director, Ajooni Biotech Ltd said, "Company has taken important strategic initiatives in the recent past with a focus to expand production capacities, launching new products, adding more channel partners and working with more farmers. Our long-term focus continues to be investing in growth through new product launch, expanding footprints. We have a dedicated focus is to leverage capabilities, to develop cost effective solutions to improve animal productivity and accomplish its vision of ‘To be a world class Animal Health Care Company’. Proceeds of the issue will further strengthen company's balance sheet and help fund its expansion plans and strategic growth initiatives."
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