Mitcon Rights Issue will open for subscription from 28 June 2024. the company aims for an issue size of ₹32.23 Crores through this rights Issue.
About the company
Mitcon Consultancy & Engineering Services specializes in corporate solutions in power, energy efficiency, renewable energy, climate change, and environmental management sectors, Mitcon Consultancy also offers services to the banking, infrastructure, and biotechnology sectors. It also conducts IT-based training courses and skill-based training programs.
The company completed over 18,000 consulting assignments across more than 50 countries in Asia, the Middle East, and African Markets, Mitcon Consultancy has trained over 25 lakh individuals under various Government & Non-Government Skill Development & Entrepreneurship Programs with a placement rate of 75%. It has completed over 25,000 studies in these markets. The company is headquartered in Pune with regional offices in Mumbai, Delhi, Ahmedabad, Bengaluru, Nanded, Raipur, and Nagpur. As of 15 April 2024, the company has 216 employees.
Objectives of the Issue
- Investment in its Wholly Owned Subsidiary Company viz. MITCON Sun Power Limited for Solar Park;
- To finance the upgradation of the Environment Laboratory;
- Investment in its Joint Venture Company viz. MITCON Nature Based Solutions Limited;
- To invest in Front End Engineering Design Development;
- To finance the acquisition of instruments for training;
- To carry out the capital expenditure for refurbishment of office space;
- Part-funding the incremental working capital requirements; and
- General corporate purposes.
Mitcon Rights Issue Timetable
| Last Date to buy shares | 19 June 2024 |
| Record Date | 20 June 2024 |
| Credit of Rights Entitlements | 27 June 2024 |
| Bid/Offer Opens On | 28 June 2024 |
| Renunciation of Rights Entitlements | 22 June 2024 |
| Bid/Offer Closes On | 26 June 2024 |
| Deemed Date of Allotment | 03 August 2024 |
| Credit Date | 08 August 2024 |
| Listing Date | 12 August 2024 |
Mitcon Rights Issue Details
| Issue Open | June 28, 2024 – July 26, 2024 |
| Security Name | Mitcon Consultancy & Engineering Services Limited |
| Issue Size (Shares) | 4,241,321 |
| Issue Size (Amount) | ₹32.23 Crores |
| Issue Price | ₹76 per share |
| Face Value | ₹10 per share |
| Listing At | NSE |
| Terms of Payment | Rs. 19 on application. Rs. 57 in one or more subsequent Call(s) as determined by the Board at its sole discretion, from time to time. |
| Entitlement | 6 Rights Equity Share(s) for every 19 fully paid-up Equity Shares held on Record Date |
Company Financials
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 106.50 | 83.65 | 129.00 |
| Expenses | 103.97 | 84.42 | 101.00 |
| Operating Margin (%) | 15.00 | 19.00 | 22.00 |
| Net income | 1.50 | 4.39 | 6.00 |
| ROCE (%) | 6.95 | 5.98 | – |
Rights Issue Documents
Lead Manager(s)
SRUJAN ALPHA CAPITAL ADVISORS LLP
824 & 825, Corporate Avenue,
Sonawala Rd, Opposite Atlanta Centre,
Sonawala Industry Estate, Goregaon, Mumbai – 400 063
Phone: +91 022-46030709
E-mail: mitcon.rightsissue@srujanalpha.com
Website: www.srujanalpha.com
Rights Issue Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: mitcon.rights2024@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Information
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Kubera Chambers, Shivaji Nagar,
Pune 411005, Maharashtra, India
Phone: 020 – 25534322/25533309
Email: cs@mitconindia.com
Website: www.mitconindia.com
Final Thoughts
Applying for the rights issue is purely a personal choice. Make sure you conduct a detailed study of the company and its rights issues before you make an investment decision.
Happy investing
