Gujarat Natural Resources Limited Rs. 48.15 Crore Rights Issue to Open On December 12

Investors can also buy the Gujarat Natural Resources’ Rights Entitlements from the BSE to participate/subscribe to the rights issue. The last date for on-market renunciation of rights entitlements is December 17, 2024.

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The rights entitlement ratio for the issue is fixed at 3:5, i.e. three fully paid-up equity shares for every five fully paid-up equity shares held by the shareholders on the record date. Earlier, Gujarat Natural Resources fixed December 3 as the record date to determine the shareholders entitled to receive the rights entitlement.

Eligible shareholders need to ensure that renunciation through off-market transfer is completed in a manner that the rights entitlements are credited to the demat accounts on or before the issue closing date.

The funds raised through the Rights Issue will be used to invest in a wholly-owned subsidiary, repay outstanding borrowings, and meet general corporate purposes. According to the issue documents, Gujarat Natural Resources will invest Rs. 20 crore in a subsidiary, utilise Rs. 20 crore to repay current loans and utilise Rs. 7.15 crore for general corporate purposes.

Gujarat Natural Resources Limited’s consolidated revenue increased by 93.29% and profit after tax (PAT) rose by 37.41% between the financial year ending with March 31, 2024 and March 31, 2023.

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