Mangalam Industrial Finance Rights Issue 2024, Share Price, History, Allotment Status and More Details

News: Mangalam Industrial Finance Limited (MIFL) has recently announced its Rights Issue for 2024. If you’re an investor or someone interested in financial markets, this article will provide you with essential details about this significant event.

What Is a Rights Issue?

A Rights Issue is a way for a company to raise capital by offering additional shares to its existing shareholders. It’s like giving loyal shareholders the first opportunity to buy more shares at a discounted price.

Key Details of Mangalam Industrial Finance Rights Issue 2024

1. Issue Period: The rights issue will be open from February 12, 2024, to February 26, 2024.

2. Issue Size: A total of 123,892,721 equity shares will be offered.

3. Issue Price: Each share is priced at ₹3.95.

4. Record Date: The record date for eligibility is January 29, 2024.

Company Overview

Mangalam Industrial Finance Limited, established in 1983, is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). The company provides financial solutions and services, including loans for land, machinery, and sheds. Its revenue comes from interest, fees, and commissions.

As of December 31, 2023, MIFL had 12 employees, including directors.

Objects of the Issue

The company aims to utilize the net proceeds from the rights issue for the following purposes:

Capital Augmentation: Strengthening its capital base to support the expansion of its NBFC activities.

General Corporate Purposes: Meeting other operational needs.

Subscription Status

As of February 15, 2024, the rights issue has been subscribed 0.05 times. BSE received a total bid quantity of 5,904,209 shares.

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Important Dates

• Last Date to Buy Shares: January 25, 2024
• Record Date: January 29, 2024
• Bid/Offer Opens: February 12, 2024
• Renunciation of Rights Entitlements: February 20, 2024
• Bid/Offer Closes: February 26, 2024
• Deemed Date of Allotment: March 6, 2024
• Credit Date: March 11, 2024
• Listing Date: March 13, 2024

Financial Snapshot (Restated)

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FAQs

Q: Who can take part in Mangalam Industrial Finance’s Rights Issue?

A: Those eligible to participate in the Rights Issue are shareholders who held positions in the company as of the record date.

Q: When could shareholders subscribe to the Rights Issue?

A: Shareholders had the opportunity to subscribe to the Rights Issue from February 12 to February 20, 2024.

Q: What was the cost per share for the Rights Issue?

A: Mangalam Industrial Finance set the price for the Rights Issue at ₹3.95 per share.