Ashapuri Gold Ornament Ltd, a prominent gold jewellery manufacturer and wholesaler, is set to launch its Rs 48.75 crore rights issue on May 8, 2024. The funds raised through the issue will be utilised to meet the working capital requirements to fund company’s expansion plans, entering new geographies and for general corporate purposes.
The Company will issue 8,33,28,666 fully paid-up Equity Shares of the face value of Rs. 1 each. Right issue of the company are offered at a price of Rs. 5.85 per share – 57.45% discount to closing share price on 3rd May, 2024. Rights Issue closes on 27th May, 2024. Right Issue funds will be utilized to meet working capital needs, fund expansion plans, enter new geographies, and fulfill general corporate purposes.
The Rights entitlement ratio for the proposed issue is fixed at 1:3 (1 equity shares of face value of Rs. 1 each for every 3 equity shares of Rs. 1 each held by the equity shareholders on the record date – April 18, 2024). The last date for On-market Renunciation of Rights Entitlements is 21st May, 2024. Dinesh Kumar Soni, Managing Director, Ashapuri Gold Ornament Ltd said, “Company has taken important strategic initiatives in the recent past with a focus to expand production capacities, launching new product lines and collections for different markets.”