Ahmedabad-based Shangar Decor Limited (BSE–540259) has announced that its ₹49.35 crore rights issue, offering equity shares at ₹5.76 each, is set to close on December 6, 2024. The issue opened on November 8, 2024, with a rights entitlement ratio of 7:1, allowing eligible shareholders to receive seven equity shares for every share held as of October 28, 2024. The last date for on-market renunciation of rights entitlements is November 29, 2024.
The company, known for its expertise in decor services for events like weddings, corporate functions, and exhibitions, plans to utilize ₹37.81 crore of the proceeds for working capital needs. Additionally, ₹25 lakh will cover issue expenses, while ₹11.29 crore is allocated for general corporate purposes.
In Kolkata, Shangar Decor’s competitive pricing in the rights issue has garnered attention. With shares priced at ₹5.76, significantly below the November 21 closing price of ₹10.08, investors in the city view this as a lucrative opportunity. Event management and decor are booming sectors in Kolkata, making the company’s growth plans particularly relevant to local stakeholders. Founded in 1995, Shangar Decor has become a leader in transforming spaces into memorable experiences, solidifying its presence in India’s event industry.