Board Approves Significant Equity Offer
Sobha Limited's Board of Directors has approved the offer and issuance of equity shares worth up to Rs 2,000 crore through a rights issue, according to a recent BSE filing. This strategic move aims to raise substantial capital to support the company’s growth and development initiatives.
Details of the Rights Issue
The approved rights issue will comprise 12,107,981 equity shares, each on a partly-paid basis, priced at Rs 1,651 per share. Eligible equity shareholders will receive six rights equity shares for every 47 fully paid-up equity shares held.
Key Dates
- Opening Date: June 28, 2024
- Closing Date: July 4, 2024
Background and Approval
In January 2024, Sobha Limited had announced that the Board of Directors approved the proposal for a rights issue to eligible equity shareholders. This approval sets the stage for the upcoming issuance, marking a significant step in the company’s financial strategy.
Conclusion
Sobha Limited's rights issue underscores its commitment to strengthening its financial foundation and pursuing growth opportunities. Shareholders and potential investors should mark their calendars for this key event, as it represents a pivotal moment in the company's ongoing development.