Spright Agro Ltd's Rs. 44.87 crore Rights opens from June 24



Rs. 44.87 crore Rights issue of Ahmedabad based Spright Agro Ltd engaged in the business of Agriculture, Contact Farming, Greenhouse technology among others will open for subscription on June 24, 2024. The funds raised through the issue will be utilised to fund the company's expansion plans including working capital requirements and general corporate purposes. Right issue of the company are offered at a price of Rs. 13.4 per share as compared to closing share price of Rs. 45.69 per share on 21 June, 2024. Rights Issue will close on 12 July, 2024.

The Company will issue 3,34,84,611 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 13.4 per Equity Share (including a premium of Rs. 12.4 per Equity Share) aggregating to Rs. 44.87 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:15 (1 Rights equity shares of face value of Rs. 1 each for every 15 fully-paid equity shares held by the equity shareholders on the record date - June 7, 2024). The last date for On-market Renunciation of Rights Entitlements is 8 July, 2024 .Out of the issue proceeds of Rs. 44.87 crore, the company intends to use Rs. 34.15 crore towards working capital requirement and Rs. 10.32 crore towards general corporate purposes. In the month of March 2024 company issued bonus shares in the ratio of 1:1 and also stock split from Rs. 10 face value to Rs. 1 face value.  

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 ended March 2024, the company reported Revenue of Rs. 72.59 crore, rise of over 8 fold as compared to the Revenue of Rs. 7.7 crore in FY22-23. Net Profit of the company for the year ended March 2024 was reported at Rs. 11.62 crore, over 10 fold growth from the net profit of Rs. 1.02 crore in the corresponding period last year.

Post a Comment

0 Comments