Spright Agro Ltd, a Gujarat-based company, is set to issue Rs. 44.87 crore in rights for its agriculture, contact farming, and greenhouse technology business on June 24, 2024. The funds raised through the issue will be utilised to fund company’s expansion plans including working capital requirements and general corporate purposes. Right issue of the company are offered at a price of Rs. 13.4 per share as compared to closing share price of Rs. 45.69 per share on 21 June, 2024. Rights Issue will close on 12 July, 2024.
The company plans to issue 3,34,84,611 fully paid-up equity shares of face value of Rs. 1 each for cash at a price of Rs. 13.4 per equity share, totaling Rs. 44.87 crore. The company plans to use Right Issue funds to fund its expansion plans, meet working capital requirements, and fulfill general corporate purposes.
The proposed rights issue has a rights entitlement ratio of 1:15, with 1 rights equity share of Rs. 1 per 15 equity shares held by eligible shareholders. For FY23-24, company Revenue report over 8 fold growth to Rs. 72.59 crore and Net Profit rise over 10 fold to Rs. 11.62 crore. In March 2024, the company issued bonus shares in a 1:1 ratio.
