IFL Enterprises Ltd to raise funds through rights issue

The Board of Directors of the Company IFL Enterprises Limited at their meeting held on Thursday, 28th December, 2023, at 02:00 P.M. at the corporate office of the Company situated at A-607, Prahladnagar Trade Center Radio Mirchi Road, Vejalpur, Ahmedabad, Gujarat, India, 380015, has considered and approved the fund raising of an amount not exceeding INR 49,75,00,000/- (Rupees Forty Nine Crores Seventy Five Lakhs Only), through issuing Equity Shares by way of Rights Issue to the eligible equity shareholders of the Company as on Record date (to be notified subsequently within due course), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, SEBI Listing Regulations, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013. ("Rights Issue").

The board approved constitution of the Rights Issue Committee to proceed with the Rights issue and, inter-alia, decide the other terms and conditions of the Rights Issue, including but not limited to deciding on the record date, determining the rights issue price, rights entitlement ratio, timing and terms of payment, appointment of intermediaries and other related matters.

The company proposes to issue 198 shares for every 100 existing shares i.e. 198:100.

The detailed terms of right issue including the procedure for applying in the right issue will be specified in the letter of offer which will be sent by the company to the eligible shareholders holding equity shares of the Company as on the record date in due course.

Source : Equity Bulls

Keywords

IFLEnterprises FundRaising RightsIssue 198For100