Shangar Decor Ltd's Rs. 49.35 crore Rights closes on December 6

 

Ahmedabad based Shangar Decor Limited providing a wide range of decor services, plans to raise Rs. 49.35 crore through Rights issue.  The subscription opened  on November 8, 2024. The funds raised through the right issue will be utilised to fund company's working capital requirements, issue expenses, general corporate among others. Right issue of the company are offered at a price of Rs. 5.76 per share as compared to closing share price of Rs. 10.08 per share on November 21, 2024. 

Rights Issue will close on December 06, 2024. The last date for On-market Renunciation of Rights Entitlements is 29 November, 2024. Investors can also buy Rights Entitlements from the market to participate in the company's right issue.

The Company will issue 8,56,82,800 fully paid-up Equity Shares of the face value of Rs. 5 each for cash at a price of Rs. 5.76 per Equity Share aggregating to Rs. 49.35 crore. The Rights entitlement ratio for the proposed issue is fixed at 7:1 (7 Rights equity shares of face value of Rs. 5 each for every 1 fully-paid equity share held by the equity shareholders on the record date - October 28, 2024). The last date for On-market Renunciation of Rights Entitlements is till November 29, 2024.

 Out of the issue proceeds of Rs. 49.35 crore, company intends to use Rs. 37.81 crore towards working capital requirement, Rs. 25 lakhs for rights issue expenses and Rs. 11.29 crore towards general corporate purposes.