Mercury Trade Links Ltd's Rs. 48.95 crore Rights opened from November 7

Ahmedabad based Mercury Trade Links Limited's  Rs. 48.95 crore Rights issue engaged in the business of trading agro products opened for subscription on November 7, 2024. The funds raised through the right issue will be utilised to fund the company's working capital requirements, issue expenses, general corporate among others.

 Right issue of the company are offered at a price of Rs. 44.95 per share as compared to closing share price of Rs. 60.43 per share on November 6, 2024. Rights Issue will close on December 05, 2024. This is the 2nd Rights Issue from the company since March 2024 with the first rights issue at a price of Rs. 40.00 per share to mobilize Rs. 9.90 cr.

The Company will issue 1,08,90,000 fully paid-up Equity Shares of the face value of Rs. 10 each for cash at a price of Rs. 44.95 per Equity Share (including a premium of Rs. 34.95 per Equity Share) aggregating to Rs. 48.95 crore. The Rights entitlement ratio for the proposed issue is fixed at 4:1 (4 Rights equity shares of face value of Rs. 10 each for every 1 fully-paid equity share held by the equity shareholders on the record date - October 24, 2024). The last date for On-market Renunciation of Rights Entitlements is till November 29, 2024. Out of the issue proceeds of Rs. 48.95 crore, company intends to use Rs. 36.94 crore towards working capital requirement, Rs. 25 lakhs for rights issue expenses and Rs. 11.76 crore towards general corporate purposes.

For FY23-24 ended March 2024, the company has reported revenue of Rs. 13.83 crore, rise of 2796.42% as compared to the total income of Rs. 0.48 crore in FY23. Net Profit for FY24 was reported at Rs. 1.14 crore.