Rights Issue: Adroit Infotech announces record date - Check issue price, ratio and other details

Adroit Infotech, a specialist SAP (Systems Applications and Products in Data Processing) consulting firm, has stated that it has fixed the record date to determine the shareholders who will be eligible to apply for the rights equity shares.

Adroit Infotech Rights Issue Record Rate 

The company said that the Right Issue Committee has fixed January 19, 2024, as the record date to determine the eligible shareholders.

"The Right Issue Committee in its meeting held today, i.e., Monday, January 15, 2024, has fixed the record date for the purpose of determining the shareholders who will be eligible to apply for the Rights Equity Shares as Friday, January 19, 2024," the company said in an exchange filing. 

Earlier, the board of directors of the company, in a meeting held on May 9, 2023,  approved raising funds through the issue of partly paid-up equity shares on a rights basis to the existing equity shareholders of the company for an amount aggregating up to Rs 49 crores.

Rights Issue Opening and Closing Date

The issue opening date for the rights issue is February 07, 2024 and the issue closing date for the same is February 16, 2024. 

Rights Issue Price and Ratio

The company fixed the rights issue price at Rs 15 per rights equity share in the ratio of three rights equity shares for every two fully paid-up equity shares.

What is a Rights Issue?

A rights issue by a company is an action of wherein it offers more of its shares to current shareholders, usually to raise extra capital. When a company announces a rights issue, its existing shareholders get the right to buy additional shares directly from the company.