Business News | Shangar Decor Ltd's Rs 49.35 Crore Rights Closes on December 6

PNN

Ahmedabad (Gujarat) [India], November 22: Rs. 49.35 crore Rights issue of Ahmedabad based Shangar Decor Limited (BSE-540259), a company providing a wide range of decor services, opened for subscription on November 8, 2024. The funds raised through the right issue will be utilised to fund company's working capital requirements, issue expenses, general corporate among others. Right issue of the company are offered at a price of Rs. 5.76 per share as compared to closing share price of Rs. 10.08 per share on November 21, 2024. Rights Issue will close on December 06, 2024. The last date for On-market Renunciation of Rights Entitlements is 29 November, 2024. Investors can also buy Rights Entitlements from the market to participate in the company's right issue.

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Shangar Decor Limited

The Company will issue 8,56,82,800 fully paid-up Equity Shares of the face value of Rs. 5 each for cash at a price of Rs. 5.76 per Equity Share aggregating to Rs. 49.35 crore. The Rights entitlement ratio for the proposed issue is fixed at 7:1 (7 Rights equity shares of face value of Rs. 5 each for every 1 fully-paid equity share held by the equity shareholders on the record date - October 28, 2024). The last date for On-market Renunciation of Rights Entitlements is till November 29, 2024

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Highlights:

* The last date for On-market Renunciation of Rights Entitlements is 29 November, 2024.

* The company will issue 8.56 crore fully-paid equity shares at an issue price of Rs. 5.76 per share; Rights

* Issue will close on December 06, 2024

* Right Issue funds will be utilised to fund company's working capital requirements, issue expenses and for general corporate purpose

* The rights entitlement ratio for the proposed rights issue is 7:1, 7 rights equity shares of Rs. 5 each for every 1 fully-paid up equity shares held by the eligible equity shareholders

Shareholders are entitled to apply for seven rights equity shares for every fully paid-up equity share held on the record date of October 28. Investors who did not hold shares on the record date can participate in the rights issue by acquiring rights entitlements from the exchange.

The rights issue shares will be credited to shareholders' demat accounts on December 19, while the listing will take place on the Bombay Stock Exchange (BSE) on December 24.

Out of the issue proceeds of Rs. 49.35 crore, company intends to use Rs. 37.81 crore towards working capital requirement, Rs. 25 lakhs for rights issue expenses and Rs. 11.29 crore towards general corporate purposes.

Founded in 1995, Shangar Decor Limited excels in providing a wide range of decor services. The company specializes in pre-wedding events, weddings, corporate functions, government functions, thematic decor, infrastructure projects and exhibitions. Renowned for its creativity and meticulous attention to detail, Shangar Decor has established a strong presence in the Indian event industry. The company offers tailored solutions that transform ordinary spaces into unforgettable experiences.

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