Shraddha Prime Projects Announces Rs 96.96 Crore Rights Issue

Rights Issue Size: Rs 96.96 crore
Issue Price: Rs 160 per share

Reader Takeaway: Existing investors can increase their stake at a premium; watch for the payment schedule and upcoming dates.

What just happened

Shraddha Prime Projects Ltd has received board approval to launch a rights issue aimed at raising Rs 96.96 crore. The company will issue 60,60,150 new equity shares to its current shareholders. The issue price is set at Rs 160 per share, comprising a Rs 10 face value and a Rs 150 premium.

Terms of Payment

The company has structured the payment into two distinct phases. Investors must pay Rs 144 per share (90% of the total price) at the application stage. The remaining Rs 16 per share (10% of the total price) will be collected via a subsequent call at a later date.

Eligibility and Entitlement

The entitlement ratio is fixed at 3 rights shares for every 20 fully paid-up equity shares held by eligible shareholders. The record date for determining eligibility is October 15, 2026. Shareholders will receive these entitlements in their demat accounts via NSDL and CDSL under a separate ISIN.

Governance Changes

In a strategic update, the company has replaced its merchant banker. GYR Capital Advisors Private Limited has been appointed to manage the rights issue, succeeding the previous appointment of Almondz Financial Services Limited.

Risks to watch

Investors should be mindful of the dilution impact on their current shareholding. Additionally, the payment is split into two installments, requiring investors to remain prepared for the subsequent call notice. The change in the merchant banker is a procedural shift that should be monitored for any impact on the issue timeline.