The Board considered and approved the following matters:

1. Rights Issue Approval: Approved the issuance of equity shares through a rights issue to eligible equity shareholders. The issue will consist of [•] Equity Shares with a face value of Re. 1.00 each, to be issued at a price of Rs. [•] per share. The total issue size is Rs. 25.00 Crores (Rupees Twenty-Five Crores Only). The record date for determining eligible shareholders will be announced later.

2. Rights Issue Committee: Approved the constitution of a Rights Issue Committee comprising certain Directors of the Company. This committee is authorized to decide matters relating to the Rights Issue, including determination and/or alteration of the treatment of fractional entitlements, making applications to regulatory authorities as required, and finalizing the terms, conditions, structure, and timing of the Rights Issue.

3. Appointment of Intermediaries: Approved the appointment of various intermediaries in connection with the Rights Issue. Specific names of intermediaries were not disclosed in the announcement.

4. Draft Letter of Offer: Approved the Draft Letter of Offer in connection with the Rights Issue.

Key Terms of the Rights Issue (Annexure I):

  • Securities: Equity Shares of Re. 1.00 each
  • Type of Issue: Rights issue of Equity Shares
  • Number of Shares Offered: [•] Equity Shares (maximum number that may be issued)
  • Face Value: Re. 1.00 per equity share
  • Issue Price: Re. [•] per equity share (to be determined)
  • Rights Entitlement Ratio: [•] Rights Equity Share(s) for every [•] fully paid-up Equity Share(s) held as on the record date
  • Current Outstanding Shares: 32,49,25,587 Equity Shares of Re. 1.00 each
  • Post-Issue Shares (if fully subscribed): [•] Equity Shares of Re. 1.00 each
  • Terms of Payment: Full amount of Rs. [•] per Equity Share payable on application

The detailed terms and conditions, including the procedure for application, will be specified in the Letter of Offer, which will be issued electronically to eligible shareholders after determination of the record date.

Financial Impact: The rights issue will raise up to ₹25.00 crore in equity capital if fully subscribed. The specific financial impact on earnings per share and dilution will depend on the final issue price and number of shares issued, which remain to be determined.