Affordable Robotic & Automation Ltd files draft letter with BSE for Rights Issue

Affordable Robotic & Automation Limited has filed a Draft Letter of Offer dated December 4, 2023, with BSE Limited, for its in-principle approval (the "DLOF").

The object for the Issue, as disclosed in the DLOF, are to (i) invest in the Material Subsidiary of the Company i.e., ARAPL RaaS Private Limited for augmenting its working capital requirement; and (ii) augment the existing and incremental working capital requirements of the Company.

In view of the above, the Board of Directors, at its meeting held on December 4, 2023 has considered and approved an investment to the extent of ₹ 3,800.00 lakhs from the Net proceeds of the Issue in its Material Subsidiary i.e., ARAPL RaaS Private Limited for the purpose of funding its working capital requirement for future growth.

The actual mode of Investment has not been finalised as on the date of this letter and will be finalized at the time of utilisation of the funds received from the Net Proceeds of the Issue.

Shares of Affordable Robotic & Automation Ltd was last trading in BSE at Rs. 551.95 as compared to the previous close of Rs. 540.90. The total number of shares traded during the day was 14800 in over 65 trades.

The stock hit an intraday high of Rs. 556.20 and intraday low of 535.30. The net turnover during the day was Rs. 8115110.00.

Source : JCN Newswire

Keywords

AffordableRoboticandAutomation INE692Z01013 FundRaising RightsIssue DraftOfferLetter BSE