Rights Issue Details

Issue Size: Up to 10,24,68,139 fully paid-up equity shares of face value ₹1 each

Issue Price: ₹4.86 per share (including premium of ₹3.86 per share)

Total Amount: ₹49.80 crore (assuming full subscription)

Rights Entitlement Ratio: 36 equity shares for every 311 fully paid-up equity shares held

Record Date: Wednesday, May 27, 2026

Issue Opening Date: Thursday, June 11, 2026

Issue Closing Date: Wednesday, June 24, 2026 (extendable up to 30 days)

Basis of Allotment Finalization: On or about Thursday, June 25, 2026

Allotment Date: On or about Monday, June 29, 2026

Listing Date: On or about Tuesday, June 30, 2026

Use of Proceeds

Net Proceeds after expenses (₹27.20 lakh): ₹49.53 crore

Breakdown of Utilization:

  • ₹3.38 crore: Inter-corporate loans to subsidiaries (Western Urja Pvt Ltd and Metcorp Trading LLC)
  • ₹2.88 crore: Equity investment and working capital loan to Shah Metacorp Holdings USA INC
  • ₹15.37 crore: Adjustment of unsecured loans from promoter Mona Viral Shah through equity conversion
  • ₹16.17 crore: Augmenting working capital requirements
  • ₹11.73 crore: General corporate purposes

Implementation Schedule: Entire amount to be deployed during FY 2026-27

Material Contracts and Documents

Executed Agreements:

  • Registrar Agreement dated December 29, 2025 with MUFG Intime India Private Limited
  • Monitoring Agency Agreement dated December 29, 2025 with Infomerics Valuation and Rating Limited
  • Bankers to the Issue Agreement dated May 21, 2026 with ICICI Bank Limited
  • Tripartite Agreements with NSDL and CDSL

Available for Inspection: Certified copies of MOA/AOA, financial statements (FY2024, FY2025, H1FY2026), board resolutions, consents of directors and professionals, and annual reports.

Capital Structure Impact

Pre-issue paid-up capital: 88,52,10,866 equity shares

Post-issue paid-up capital: 98,76,79,005 equity shares (assuming full subscription)

Securities premium pre-issue: ₹25.85 crore

Securities premium post-issue: ₹29.80 crore

Financial Information

Recent Financials (Consolidated):

  • March 2025: Total Revenue ₹173.81 crore, Net Profit ₹32.36 crore
  • March 2024: Total Revenue ₹96.22 crore, Net Profit ₹4.21 crore
  • September 2025: Total Revenue ₹69.60 crore, Net Profit ₹2.85 crore

Contingent Liabilities: ₹164.03 crore as of March 31, 2025 (primarily disputed VAT/CST and income tax matters)

Key Participants

Registrar to Issue: MUFG Intime India Private Limited

Banker to Issue: ICICI Bank Limited

Monitoring Agency: Infomerics Valuation and Rating Limited

Statutory Auditor: Ashok Dhariwal & Co., Chartered Accountants

Risk Factors

Document discloses 69 risk factors including outstanding litigation (₹164.03 crore contingent liabilities), negative cash flows from operations, customer/supplier concentration, dependence on promoter funding, and past defaults in debt repayment.

Additional Information

Corporate Office: Second floor, Mrudul tower, B/h Times of India, Ashram road, Ahmedabad, Gujarat - 380009

Compliance Officer: Ms. Hiral Patel, Company Secretary