New Delhi, Dec 20 (PTI) Mumbai-based gold ornament manufacturer Moksh Ornaments on Friday said it will raise Rs 49 crore by way of a rights issue, which will open on December 30.

The issue will close on January 10, 2025. The company plans to issue a total of 3.26 crore shares at Rs 15 per share, the company said in a statement.

Also Read | Ladki Bahin Yojana December Installment Date: When Will Woman Beneficiaries Get INR 1,500 in Maharashtra? CM Devendra Fadnavis Gives Update.

The shares will be offered on a rights basis to eligible equity shareholders in the ratio of 14:23 (i.e. 14 equity shares for every 23 shares held) as on the record date with the right to renounce, it added.

Kunvarji Finstock is the lead manager, and Bigshare Services is the registrar of the issue.

Also Read | What Is ChatGPT WhatsApp Number? How Does It Work? Know More About OpenAI’s New Experimental Feature, Step-by-Step Guidelines To Use It.

According to Moksh Ornaments' Managing Director Amrit J Shah, the company already has a strong network in the domestic market and is looking to add new customers in the international market.

It is also strengthening its footprints in the global market and plans to float a subsidiary in the UAE, Shah said.

Moksh Ornaments manufactures and exports gold jewellery, primarily to B2B consumers.

The funds raised through the rights issue will help meet our working capital requirements, and some part of the proceeds will also be utilised for general corporate purposes, Shah added.

For the quarter ended September 30, 2024, the company reported 25.17 per cent growth in revenue from operations at Rs 158.45 crore compared to Rs 126.58 crore in the same period last year.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)