PNN
Ahmedabad (Gujarat) [India], June 24: Rs 44.87 crore Rights issue of Ahmedabad based Spright Agro Ltd (BSE – 531205) engaged in the business of Agriculture, Contact Farming, Greenhouse technology among others will open for subscription on June 24, 2024. The funds raised through the issue will be utilised to fund company’s expansion plans including working capital requirements and general corporate purposes. Right issue of the company are offered at a price of Rs 13.4 per share as compared to closing share price of Rs 45.69 per share on 21 June, 2024. Rights Issue will close on 12 July, 2024.
Share in Right issue offered at Rs 13.4 per share as compared to closing price of Rs 45.69 per share on 21 June 2024
Highlights:
* The company will issue 3.34 crore fully-paid equity shares at an issue price of Rs 13.4 per share; Rights Issue will close on July 12, 2024
* Right Issue funds will be utilised to fund company’s expansion plans including meeting the working capital requirements and for general corporate purpose
* The rights entitlement ratio for the proposed rights issue is 1:15, 1 rights equity shares of Rs 1 each for every 15 fully-paid up equity shares held by the eligible equity shareholders
* For FY23-24, company Revenue report over 8 fold growth to Rs 72.59 crore and Net Profit rise over 10 fold to Rs 11.62 crore
* In the month of March 2024 company has issued bonus shares in the ratio of 1:1
The Company will issue 3,34,84,611 fully paid-up Equity Shares of the face value of Rs 1 each for cash at a price of Rs 13.4 per Equity Share (including a premium of Rs 12.4 per Equity Share) aggregating to Rs 44.87 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:15 (1 Rights equity shares of face value of Rs 1 each for every 15 fully-paid equity share held by the equity shareholders on the record date – June 7, 2024). The last date for On-market Renunciation of Rights Entitlements is 8 July, 2024.
Out of the issue proceeds of Rs 44.87 crore, company intends to use Rs 34.15 crore towards working capital requirement and Rs 10.32 crore towards general corporate purposes.
Founded in 1994, Spright Agro Limited, formerly known as Tine Agro Limited, develops agricultural and forestry operations. The company plants, grows, cultivates, produces and breeds various agricultural and forestry crops, horticultural crops, greenhouses, net houses, medicinal and aromatic plants in owned and/or leased farms and operates as a manufacturer, importer and exporter, wholesaler, retailer and trader of all types of agricultural and other commodities. Company has a presence in 16 states and are associated with over 8000 farmers.
The company has a vision to be a global leader in the food and agriculture industry, renowned for excellence, sustainability, and social responsibility. We envision a future where everyone has access to safe, healthy, and affordable food, and agriculture drives environmental stewardship and economic development.
The company has reported exceptional operational and financial performance over the years with 3 Year CAGR of over 500 per cent in Revenue and 281 per cent in Net Profit. For FY23-24 ended March 2024, the company has reported Revenue of Rs 72.59 crore, rise of over 8 fold as compared to the Revenue of Rs 7.7 crore in FY22-23. Net Profit of the company for the year ended March 2024 was reported at Rs 11.62 crore, over 10 fold growth from the net profit of Rs 1.02 crore in the corresponding period last year.
In the month of March 2024 company has issued bonus shares in the ratio of 1:1 and also stock split from Rs 10 face value to Rs 1 face value.
The company is committed to global expansion by entering new international markets and establishing strategic partnerships. Through these efforts, we aim to create robust distribution networks that will allow us to bring our high-quality products to a broader audience. By expanding our presence globally, we not only seek to grow our business but also to share our commitment to sustainability, community support, and innovation with new customers and communities around the world. This expansion is designed to promote economic development, enhance food security, and ensure that more people have access to safe, healthy, and affordable food.
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