Ajooni Biotech Ltd, a leading animal health care solutions company, is set to launch its Rs 43.81 crore rights issue on May 21, 2024. The raised funds will fund land acquisition, site development, civil work, plant and machinery acquisition, working capital requirements, and corporate purposes, including site development and civil work. Right issue of the company are offered at a price of Rs. 5 per share – over 20% discount to closing share price of Rs. 6.5 per share on 18 May, 2024. Rights Issue closes on 31st May, 2024.
The company plans to issue 8,76,13,721 fully paid-up equity shares of face value of Rs. 2 each for cash at a price of Rs. 5 per equity share, totaling Rs. 43.81 crore. The rights entitlement ratio is fixed at 1:1, with the last date for on-market renunciation of rights entitlements being 27 May 2024.
CRISIL Limited has upgraded its long-term credit facilities ratings to “CRISIL BB+/ Stable”. The company anticipates a turnover of Rs. 250-270 crore in FY 2026-27, with a projected PAT margin of 5%. Mr. Jasjot Singh, Managing Director, Ajooni Biotech Ltd said, “Proceeds of the issue will further strengthen company’s balance sheet and help fund its expansion plans and strategic growth initiatives.”
