rediff.com

Moksh Ornaments to Raise Rs 49 Cr via Rights Issue

Share on:

By Rediff Money Desk, New Delhi   Dec 20, 2024 18:32

Moksh Ornaments, a Mumbai-based gold ornament manufacturer, plans to raise Rs 49 crore through a rights issue opening on December 30. The funds will be used for working capital and general corporate purposes.
Moksh Ornaments to Raise Rs 49 Cr via Rights Issue
Photograph: Heinz-Peter Bader/Reuters/Reuters
New Delhi, Dec 20 (PTI) Mumbai-based gold ornament manufacturer Moksh Ornaments on Friday said it will raise Rs 49 crore by way of a rights issue, which will open on December 30.

The issue will close on January 10, 2025. The company plans to issue a total of 3.26 crore shares at Rs 15 per share, the company said in a statement.

The shares will be offered on a rights basis to eligible equity shareholders in the ratio of 14:23 (i.e. 14 equity shares for every 23 shares held) as on the record date with the right to renounce, it added.

Kunvarji Finstock is the lead manager, and Bigshare Services is the registrar of the issue.

According to Moksh Ornaments' Managing Director Amrit J Shah, the company already has a strong network in the domestic market and is looking to add new customers in the international market.

It is also strengthening its footprints in the global market and plans to float a subsidiary in the UAE, Shah said.

Moksh Ornaments manufactures and exports gold jewellery, primarily to B2B consumers.

The funds raised through the rights issue will help meet our working capital requirements, and some part of the proceeds will also be utilised for general corporate purposes, Shah added.

For the quarter ended September 30, 2024, the company reported 25.17 per cent growth in revenue from operations at Rs 158.45 crore compared to Rs 126.58 crore in the same period last year.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!