Spright Agro Ltd Unveils Rs. 44.87 Crore Rights Issue for Expansion

Ahmedabad-based Spright Agro Ltd has announced a Rs. 44.87 crore rights issue to support expansion plans, set to open on June 24, 2024. The funds will be used for working capital and corporate purposes. With significant growth reported for FY23-24, the company aims to expand globally and enhance food security.

Ahmedabad, Gujarat: Spright Agro Ltd, a prominent player in agriculture and related sectors, has launched a Rs. 44.87 crore rights issue to fuel its ambitious expansion plans. The subscription window for this financial initiative will open on June 24, 2024, and close on July 12, 2024.

Priced at Rs. 13.4 per share—significantly lower than its closing price of Rs. 45.69 per share as of June 21, 2024—the rights issue aims to generate funds to meet growing working capital needs and support general corporate purposes. The rights entitlement ratio stands at 1:15, offering one rights equity share for every 15 fully-paid shares held by eligible shareholders.

Founded in 1994, Spright Agro Ltd has displayed an outstanding financial performance, reporting an eightfold increase in revenue to Rs. 72.59 crore and a tenfold rise in net profit to Rs. 11.62 crore for FY23-24. The company plans to leverage these gains for global expansion, aiming to enhance food security, sustainability, and economic development worldwide.

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