Latest News | Moksh Ornaments to Raise Rs 49 Cr Via Rights Issue
Get latest articles and stories on Latest News at LatestLY. 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.
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.
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.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)