On June 24, 2024, Spright Agro Ltd, based in Ahmedabad, will launch a Rs. 44.87 crore Rights issue on the BSE (Stock Exchange) to raise funds for its expansion plans, including working capital requirements and general corporate purposes. The company will offer 3.34 crore fully-paid equity shares at a price of Rs. 13.4 per share, with the Rights Issue closing on July 12, 2024.
The rights entitlement ratio for the proposed rights issue is 1:15, which means eligible equity shareholders will receive 1 rights equity share of Rs. 1 each for every 15 fully-paid up equity shares they hold. The company’s revenue for the FY23-24 shows significant growth, reaching Rs. 72.59 crore, and its net profit also rose substantially to Rs. 11.62 crore.
Additionally, in March 2024, the company issued bonus shares in the ratio of 1:1 and also conducted a stock split, reducing the face value from Rs. 10 to Rs. 1.
The issue opens on 24 June, 2024, at an issue price of Rs. 13.4 per equity share and closes on 12 July, 2024, with the company issuing 3,34,84,611 fully paid-up Equity Shares of the face value of Rs. 1 each. Out of the total issue proceeds, Rs. 34.15 crore will be allocated towards working capital requirements, and Rs. 10.32 crore will be used for general corporate purposes.
The company, founded in 1994, is engaged in agricultural and forestry operations, with a presence in 16 states and partnerships with over 8000 farmers. It aims to be a global leader in the food and agriculture industry, emphasizing sustainability and social responsibility.
Furthermore, the company is committed to global expansion by entering new international markets and establishing strategic partnerships. This expansion is designed to foster economic development, enhance food security, and ensure access to safe, healthy, and affordable food for more people.