Ahmedabad (Gujarat) [India], June 24: Rs. 44.87 crore Rights issue of Ahmedabad based Spright Agro Ltd (BSE –531205) engaged in the business of Agriculture, Contact Farming, Greenhouse technology among others will open for subscription on June 24, 2024. The funds raised through the issue will be utilised to fund company's expansion plans including working capital requirements and general corporate purposes. Right issue of the company are offered at a price of Rs. 13.4 per share as compared to closing share price of Rs. 45.69 per share on 21 June, 2024. Rights Issue will close on 12 July, 2024.
Share in Right issue offered at Rs. 13.4 per share as compared to closing price of Rs. 45.69 per share on 21 June 2024
Spright Agro Ltd
The Company will issue 3,34,84,611 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 13.4 per Equity Share (including a premium of Rs. 12.4 per Equity Share) aggregating to Rs. 44.87 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:15 (1 Rights equity shares of face value of Rs. 1 each for every 15 fully-paid equity share held by the equity shareholders on the record date – June 7, 2024). The last date for On-market Renunciation of Rights Entitlements is 8 July, 2024 .
Out of the issue proceeds of Rs. 44.87 crore, company intends to use Rs. 34.15 crore towards working capital requirement and Rs. 10.32 crore towards general corporate purposes.
Founded in 1994, Spright Agro Limited, formerly known as Tine Agro Limited, develops agricultural and forestry operations. The company plants, grows, cultivates, produces and breeds various agricultural and forestry crops, horticultural crops, greenhouses, net houses, medicinal and aromatic plants in owned and/or leased farms and operates as a manufacturer, importer and exporter, wholesaler, retailer and trader of all types of agricultural and other commodities. Company has a presence in 16 states and are associated with over 8000 farmers.
Company has a vision tbe a global leader in the food and agriculture industry, renowned for excellence, sustainability, and social responsibility. We envision a future where everyone has access to safe, healthy, and affordable food, and agriculture drives environmental stewardship and economic development.
Company has reported exceptional operational and financial performance over the years with 3 Year CAGR of over 500% in Revenue and 281% in Net Profit. For FY23-24 ended March 2024, the company has reported Revenue of Rs. 72.59 crore, rise of over 8 fold as compared to the Revenue of Rs. 7.7 crore in FY22-23. Net Profit of the company for the year ended March 2024 was reported at Rs. 11.62 crore, over 10 fold growth from the net profit of Rs. 1.02 crore in the corresponding period last year.
In the month of March 2024 company has issued bonus shares in the ratio of 1:1 and also stock split from Rs. 10 face value to Rs. 1 face value.
Company is committed to global expansion by entering new international markets and establishing strategic partnerships. Through these efforts, we aim to create robust distribution networks that will allow us to bring our high-quality products to a broader audience. By expanding our presence globally, we not only seek to grow our business but also to share our commitment to sustainability, community support, and innovation with new customers and communities around the world. This expansion is designed to promote economic development, enhance food security, and ensure that more people have access to safe, healthy, and affordable food.
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