VMPL
New Delhi [India], August 30: Gretex Corporate Services Limited (GCSL), a renowned SEBI Category-I Merchant Banker, has announced a Right Issue of up to 12,79,513 equity shares worth Rs. 2,686.98 lakh as a significant step towards strengthening its financial base and promoting growth. This innovative effort is positioned to strengthen GCSL's skills and position in the financial landscape.
The Right Issue, set to open on August 30, 2023, and close on September 06, 2023, presents an opportunity for eligible equity shareholders of GCSL to acquire one (1) right equity share for every eight (8) fully paid-up equity shares held by them on the record date of August 23, 2023. This strategic move is designed to further align the company's objectives with its shareholders' interests, fostering a shared journey towards prosperity.
GCSL, a trailblazer in the realm of financial and consultancy services, specializes in IPO, Private Equity, M&A, Delisting, Valuation. With an esteemed history of management of fund-raising activities, investment advisory, and corporate advisory services, GCSL has been a pivotal player in numerous successful endeavours.
Since its inception in 2014, GCSL has displayed remarkable prowess, completing 38 IPOs including notable oversubscribed issues like Innokaiz India IPO (88 times oversubscribed), Comrade Appliances IPO (71.92 times oversubscribed), and Retina Points IPO (8.17 times oversubscribed). Additionally, GCSL's dedication to innovation is evident through its DRHP filing for a Main Board IPO with SEBI, along with mandates for two new Main Board IPOs.
Commenting on this strategic move, Alok Harlalka remarked, "The Right Issue marks a pivotal juncture in GCSL's journey, enabling us to strengthen our foundation for the future. We are committed to delivering value to our shareholders and clients alike, driving growth and innovation across the industry."
The proposed utilization of funds from the Right Issue reflects GCSL's forward-looking vision. The Net Right Issue Proceeds are set to be directed towards two primary objectives:
1. Acquisition of Shares: To purchase shares from existing shareholders of the associate company "Gretex Share Broking Private Limited" and elevate its status to a subsidiary company. This strategic move demonstrates GCSL's commitment to expanding its footprint and capabilities.
2. General Corporate Purposes: Funds will also be allocated towards general corporate purposes, allowing GCSL to continue its mission of providing unparalleled financial and consultancy services.
GCSL's exemplary journey has not gone unnoticed, as the company has been honoured with accolades like the "Top Volume Performer for SME IPO in India for FY 17-18," "Top Performer Merchant Banker in SME Segment for FY 20-21," and "One of the Top 5 Merchant Bankers in SME & Start-ups for FY 21-22."
As GCSL embarks on this transformative phase, the Right Issue symbolizes a commitment to growth, innovation, and partnership. With a storied history of excellence, GCSL remains dedicated to reshaping the financial landscape and empowering clients on their journey towards prosperity.
Read More: www.gretexcorporate.com
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