Textile Penny Stock Under Rs 50 Announces 10:43 Rights Issue; Check Record Date; Opening & Closing Dates Inside
The stock is up by 31 per cent from its 52-week low of Rs 28.38 per share.
The Board of Directors of Bannari Amman Spinning Mills Ltd convened on April 24, 2025, and approved a Rights Issue comprising 1,50,79,504 Equity Shares, each with a face value of Rs 5. This offering aims to raise an aggregate amount not exceeding Rs 40,71,46,608. The Rights Issue price has been set at Rs 27 per Equity Share, which includes a share premium of Rs 22. Existing shareholders as of the record date will be entitled to 10 rights equity shares for every 43 fully paid-up equity shares they hold.
Furthermore, the Board fixed Wednesday, April 30, 2025, as the Record Date to determine the eligible shareholders for the Rights Entitlement. The timeline for the issue includes an Opening Date of May 13, 2025, a last date for on-market renunciation of May 19, 2025, and a Closing Date of May 26, 2025. The Board also approved the Letter of Offer and the Abridged Letter of Offer related to this Rights Issue.
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Bannari Amman Spinning Mills Ltd, established in 1989 as part of the Bannari Amman group, operates as a vertically integrated textile manufacturer. Their diverse operations encompass the production of cotton yarn, woven and knitted fabrics, the processing of fabrics, and the creation of finished garments and home textiles. Additionally, the company engages in wind power generation, showcasing a commitment to both textile manufacturing and sustainable energy practices.
The stock is trading under Rs 50 with a market cap of Rs 230 crore. The stock is up by 31 per cent from its 52-week low of Rs 28.38 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.