Rushil Decor, a leading laminate and MDF panel boards player, has announced a fundraising plan to the tune of Rs 124,74,00,000 through a rights issue.

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The company has informed bourses through a filing that the board at a meeting held on Thursday approved the proposal. 

"To issue upto 42100,000 warrants convertible into equity shares of face value of Rs l0/- to certain Non-Promoter and Promoter Group shareholders, on a preferential basis in accordance with the Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (*SEBI ICDR Regulations), and other applicable laws," it said.

The warrants will be issued at a price of Rs 297/- (including premium of Rs 287) per Warrant aggregating up to Rs 124,74,00,000 (Rupees One Hundred Twenty Four Crores Seventy-Four Lacs Only) on the terms and conditions," the company added in the statement.

The total consideration of the Warrants shall be payable at the time of application and the balance would be payable at the time of conversion of the Warrants into equity shares.

Each warrant would be convertible into equity shares and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, it added.

Meanwhile, Rushil Decor traded higher by  2 per cent at Rs 343 in early morning deals following the announcement of the fundraising decision.

Ahmedabad-based Rushil Decor is a small-cap stock with a market cap of around Rs 928 crore. The company's shares are available for trade on both NSE and BSE.

Incorporated in 1993, Rushil Decor has a global footprint in more than 50 countries. The firm markets its product under the flagship brand named VIR. Rushil Decor is the flagship company of the Rushil Group.