Specialty chemical stock declares record date for 2:17 rights issue

Market


With a market valuation of 484.12 crore, Aarti Surfactants Ltd. is a small-cap company that operates in the chemical industry. The firm manufactures ionic and non-ionic surfactants as well as specialty products for the oil, agro, home and personal care, industrial applications, and industrial applications markets in India and abroad. The Board of the firm has established a record date that market observers may take into consideration for the 2:17 rights issue.

The company has said in a stock exchange filing that its “Board of Directors has considered and approved the following terms and conditions of the Rights Issue:

1. Total number of Partly Paid-up Equity Shares: 8,92,291 Partly paid up equity shares of Rs. 10/- each at an issue price of Rs. 555 (Rupees Five Hundred and Fifty-Five) per Equity Share aggregating to an amount of Rs. 49,52,21,505* to all the eligible equity shareholders of the Company on a rights basis. * Assuming Full Subscription

2. Terms of Payment: – Rs. 222/- (Rupees Two Hundred and Twenty-Two) i.e. mo 40% on application and remaining 60% on subsequent calls as may be decided by the Committee of the Board from time to time.

3. Issue Price: Rs. 555 (Rupees Five Hundred and Fifty-Five Only) per Equity Share.

4. Record Date: January 17, 2023 for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the Rights Issue (‘Eligible Equity Shareholders’).

5. Right Entitlement Ratio: 2 (Two) Rights Equity Shares for every 17 (Seventeen) Fully Paid Equity Shares held by the Existing Shareholders on the Record Date.

6. Rights Issue Period: Issue Opening date- January 25, 2023, Last date for on market renunciation- January 27, 2023, issue closing date- February 03, 2023.”

The shares of Aarti Surfactants Limited closed today at 639.00 apiece level on the NSE, up by 0.89% from the previous close of 633.35. The stock recorded a total volume of 7,214 shares compared to the 20-Day average volume of 9,847 shares. The stock went public on July 14, 2020, and since then it has climbed by 55.63%, setting a record high. The stock had touched a 52-week-high of 1,074.80 on (17-Jan-2022) and a 52-week-low of 596.10 on (26-Dec-2022). For the quarter ended September 2022 or Q2FY23, the company reported a promoter shareholding of 45.04% and a public stake of 54.96%.


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