SPML Infra Limited board approves rights issue

The Board of Directors of SPML Infra Limited in its Meeting held on 18 November, 2021, has considered and approved the issuance of partly paid- up equity Shares of the Company on Right issue basis to the eligible equity shareholders of the Company as on the record date (to be intimated later) of an issue size not exceeding Rs 49 Crores (Rupees Forty Nine Crores Only) at such price at a premium or discount to the market price, considering the prevailing market conditions and SEBI guidelines and in such ratio as may be determined by the Right Issue Committee. Further, partly paid-up equity Shares to be subscribed by the eligible Shareholders on application and 1st and final call within 12 months from the date of allotment.

The schedule of the Rights Issue shall be determined upon receipt of approvals from the stock exchanges and approval of the ongoing Debt Resolution Plan by the majority of the lenders of the Company.

Further, for the purpose of Rights Issue, the Board has constituted the Committee of Directors called "Right Issue Committee" where all the further decisions pertaining to Rights Issue shall be undertaken including issue price and record date. The Board has appointed Saffron Capital Advisors Private Limited, a Category - I Merchant Banker, registered with SEBI as the Lead Managers to the proposed Rights Issue.

Pursuant to the requirement under the Reserve Bank of India's Guidelines on Prudential Framework for Resolution of Stressed Assets, dated 7th June, 2019, the Lenders' of the Company have received "RP4" rating on the Company's debt resolution plan from two Credit Rating Agencies, authorised by Reserve Bank of India.

Shares of SPML Infra Limited was last trading in BSE at Rs. 14.88 as compared to the previous close of Rs. 14.18. The total number of shares traded during the day was 1037476 in over 835 trades.

The stock hit an intraday high of Rs. 14.88 and intraday low of 13.86. The net turnover during the day was Rs. 15387835.00.

Source : Equity Bulls

Keywords

SPMLInfraLimited INE937A01023 RightsIssue FundRaising