Spright Agro Rights Issue will open for subscription from 24 June 2024. the company aims for an issue size of ₹44.87 Crores through this rights Issue.
About the company
The business of Spright Agro consists of trading agricultural commodities (Wheat, Rice, Maize), Vegetables (Capsicum, Tomato, Green Chilly, Onion, Potato, etc), Fruits including Apple, Red Dragon, Sweet Lime, Pomegranate, etc and other agricultural products. The company is also in contract manufacturing of different agricultural products, mainly Potatoes, Cucumber, and Onion.
Spright Agro procures agricultural produce from manufacturers upfront or as per agreed terms and sells it to a network of dealers. Thanks to its market presence, the company has developed close relationships with farmers, wholesalers, and retailers. In the contract manufacturing segment, the company rents farmland to grow cucumbers, onions, and castor beans to meet the market demand. The company had 9 employees in April 2024. 5 customers accounted for 38.88% of its sales and 5 suppliers for 34.96% of its purchase for the year ended 31 March 2024.
Objectives of the Issue
- Working capital requirement;
- General Corporate Purpose; and
- To meet Issue Expenses.
Spright Agro Rights Issue Timetable
| Last Date to buy shares | 06 June 2024 |
| Record Date | 07 June 2024 |
| Credit of Rights Entitlements | 21 June 2024 |
| Bid/Offer Opens On | 24 June 2024 |
| Renunciation of Rights Entitlements | 08 July 2024 |
| Bid/Offer Closes On | 12 July 2024 |
| Deemed Date of Allotment | 18 July 2024 |
| Credit Date | 30 July 2024 |
| Listing Date | 30 July 2024 |
Spright Agro Rights Issue Details
| Issue Open | June 24, 2024 – July 12, 2024 |
| Security Name | Spright Agro Limited |
| Issue Size (Shares) | 33,484,611 |
| Issue Size (Amount) | ₹44.87 Crores |
| Issue Price | ₹13.4 per share |
| Face Value | ₹1 per share |
| Listing At | BSE |
| Terms of Payment | The Issue Price of ₹ 13.40/- per Equity Share shall be payable at the time of application. |
| Entitlement | 1 Rights Equity Share(s) for every 15 fully paid-up Equity Shares held on Record Date |
Company Financials
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 11.27 | 7.70 | 72.47 |
| Operating Margin (%) | 0.15 | 0.18 | 17.0 |
| Expenses | 11.25 | 7.69 | 59.91 |
| Net income | 0.01 | 0.01 | 11.62 |
| ROCE (%) | – | – | – |
Rights Issue Documents
Lead Manager(s)
Rights Issue Registrar
SKYLINE FINANCIAL SERVICES PRIVATE LIMITED
D-153A, First Floor, Okhla Industrial Area,
Phase1, Delhi-110020
Telephone: 011-40450193-197
Email: grievances@skylinerta.com
Website: www.skylinerta.com
Company Contact Information
SPRIGHT AGRO LIMITED
Office No 1216, Shilp Epitom Rajpath, Rangoli
Road Off Sindhu Bhavan Road, Bodakdev,
Ahmedabad-380054, Gujarat, India
Phone: +91 98254 34390
Email: kansalfiberltd@gmail.com
Website: www.sprightagro.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
