Spright Agro Ltd’s Rs. 44.87 crore Rights opens from June 24

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.

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.

Related Posts

Fonos Sees Monthly Active Users Increase to 6X with CleverTap’s Personalized Engagement

SAN FRANCISCO, CA, & HCMC, Vietnam, July 15:  CleverTap, the all-in-one engagement platform, has announced its partnership with Fonos, a Vietnamese audio content start-up. Through this collaboration, Fonos aims to…

GConnect Logitech received two big orders of totalling 1,400 metric tonnes per month

Ahmedabad (Gujarat) [India], July 15: GConnect Logitech and Supply Chain Ltd., a distinguished leader in intelligent transport solutions and logistics, has announced that it has received two big sized orders…

You Missed

Fonos Sees Monthly Active Users Increase to 6X with CleverTap’s Personalized Engagement

  • July 15, 2024
Fonos Sees Monthly Active Users Increase to 6X with CleverTap’s Personalized Engagement

GConnect Logitech received two big orders of totalling 1,400 metric tonnes per month

  • July 15, 2024
GConnect Logitech received two big orders of totalling 1,400 metric tonnes per month

India Week 2024: A Grand Celebration in the United Kingdom

  • July 15, 2024
India Week 2024: A Grand Celebration in the United Kingdom

Khushhal Kaushik – One of the Best Cyber Security Expert In India

  • July 13, 2024
Khushhal Kaushik – One of the Best Cyber Security Expert In India

Aeterna Shower Sliding System by Hafele

  • July 12, 2024
Aeterna Shower Sliding System by Hafele

Bon Voyagers Makes Strong Impact on India’s Tourism Through Personalised Travel

  • July 12, 2024
Bon Voyagers Makes Strong Impact on India’s Tourism Through Personalised Travel