The company aims to collect ₹80 crore through the Rights Issue
A Rights Issue is an offer to the existing shareholders of the company to purchase additional shares at a discounted price
Spencer’s Retail (SRL) is coming with the issue of 1,06,04,563 Rights Equity Shares for cash at price of ₹75 per equity share. The company aims to collect ₹80 crore through the Rights Issue which is opening on Tuesday . The company intends to utilize the net proceeds from the issue to meet its working capital needs and other general purposes.
A Rights Issue is an offer to the existing shareholders of the company to purchase additional shares at a discounted price. The Rights shares are issued in proportion to their existing shareholding.
Here are the key points:
1) The Issue will open for subscription on August 04 and will close on August 18.
2) The company is offering 2 rights shares for every 15 shares held on July 29.
3) The issue is solely lead managed by ICICI Securities Ltd. and Link Intime India Pvt. Ltd. is the registrar to the issue. Post allotment, shares will be listed on BSE, CSE and NSE. SRL is spending Rs. 2.32 cr. for this rights issue process.
4) Last date for market renunciation is August 13. Renunciation means where an eligible shareholder refuses to subscribe to the rights issue and let it lapse. An eligible shareholder may renounce the shares in favor of another person instead of letting it lapse.
5) The shares will be allotted on August 25 and will be listed on August 27.