UFO to raise Rs. 96.82 Crore by way of a Preferential Allotment

UFO Moviez India Limited ('UFO', 'the Company'), India's largest digital cinema service provider and in-cinema advertising platform, announced that its Board of Directors, in its meeting held today, approved the preferential allotment of 93,99,933 equity shares aggregating to Rs. 96.82 Crores to Nepean Focused Investment Fund at a price of Rs. 103.01 per equity share, as per applicable rules and regulations. This preferential issue is subject to necessary approvals.

The proceeds of this issuance will augment funding needs of the Company viz., to meet the working capital and general corporate requirements, to support future growth plans and strategitic initiatives of the Company and such other purposes as the Board of Directors may decide from time to time.

DAM Capital Advisors Limited (formerly IDFC Securities Limited) acted as the sole and exclusive Financial Advisor and AZB Partners were the Legal Advisors to the Company.

Khaitan & Co were the Legal Advisors to Nepean Focused Investment Fund.

Mr. Sanjay Gaikwad, Founder and Managing Director of UFO Moviez India Limited, said, "UFO has faced the severity of the pandemic since March 2020 and stayed committed to its business. This transaction reiterates UFO's commitment and confidence in future growth. The proceeds will not only provide UFO with the required financial flexibility but also help in accelerating strategic priorities. We value the trust and confidence being placed in us towards creating value for all stakeholders."

Shares of UFO Moviez India Limited was last trading in BSE at Rs. 117.20 as compared to the previous close of Rs. 115.30. The total number of shares traded during the day was 112522 in over 2015 trades.

The stock hit an intraday high of Rs. 119.00 and intraday low of 115.30. The net turnover during the day was Rs. 13185052.00.

Source : Equity Bulls

Keywords

UFOMoviezIndiaLimited INE527H01019 PreferentialIssue FundRaising