Proposed rights issue of ₹96.96 crore: 3 shares for every 20 held

Terms of a proposed rights issue of ₹96.96 crore announced.

Wed 7 Oct 2026

Issue Size

₹96.96 crore

Issue Price / Shares

60,60,150 equity shares at ₹160 each (face value ₹10, premium ₹150)

Entitlement Ratio & Record Date

3 rights shares for every 20 held; record date October 15, 2026

The company has announced the terms of its proposed rights issue of equity shares, aggregating to approximately ₹96.96 crore.

Issue terms

• The issue comprises 60,60,150 equity shares of face value ₹10 each, at an issue price of ₹160 per equity share, including a premium of ₹150 per share.
• Eligible shareholders will be entitled to subscribe to 3 rights equity shares for every 20 existing equity shares held, as on the record date of October 15, 2026.
• Of the total issue price of ₹160 per share, ₹144 per share is payable on application, with the balance ₹16 per share payable on a subsequent call, as may be determined by the company.
• GYR Capital Advisors Pvt. Ltd. has been appointed as the Merchant Banker to the issue.
• The issue is subject to applicable statutory and regulatory approvals and the terms of the Letter of Offer and other applicable documents and conditions.

What the company said

Managing Director Sudhir Balu Mehta said the proposed rights issue is an important step towards strengthening the company's financial flexibility and supporting the next phase of growth. The proceeds will primarily support working capital requirements, helping maintain adequate liquidity as the company progresses its ongoing developments and executes against its expanding project pipeline. The company said the issue will enable it to further strengthen execution capabilities and pursue opportunities in line with its long-term growth strategy.

How a rights issue works, in simple terms

• A rights issue offers new shares first to existing shareholders, usually in a fixed ratio and at a fixed price, before they are offered to anyone else. Here the ratio is 3 new shares for every 20 already held.
• The money is being raised from existing shareholders rather than fresh outside investors. A shareholder who chooses to subscribe has to pay ₹160 per share allotted, of which ₹144 is due on application.
• Shares are being issued at a face value of ₹10 each, with the remaining ₹150 being premium.

Points a shareholder may want to track

• The record date of October 15, 2026, which decides who is eligible to receive the rights entitlement.
• The split payment structure: ₹144 per share on application and ₹16 per share on a later call, the timing of which is to be determined by the company.
• The company's own stated use of the proceeds, which is working capital and liquidity for its ongoing and upcoming projects.

The release notes that it is for information purposes only and does not constitute an offer or invitation to subscribe to the equity shares, and that eligible shareholders should refer to the Letter of Offer and related offer documents for the complete terms and conditions of the rights issue.

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