Gujarat Natural Resources Launches Rights Issue to Fuel Growth

Gujarat Natural Resources Limited is opening a Rights Issue to raise Rs. 48.15 crore by issuing shares at Rs. 10 each. The funds will support a subsidiary, repay debt, and address corporate needs. Shareholders can exercise renunciation by December 17, with the issue closing on December 20.

Gujarat Natural Resources Limited (BSE: 513536), a prominent player in India's upstream oil and gas industry, is set to open a Rights Issue from December 12 to December 20. The company, established in 1991, focuses on the exploration and production of crude oil and natural gas.

Aiming to raise Rs. 48.15 crore, the firm will offer 4,81,50,987 shares at Rs. 10 each—a significant discount compared to the closing price of Rs. 17.74 on the BSE.

The Rights Issue funds will be allocated to invest in a wholly-owned subsidiary, reduce outstanding debt, and cover corporate expenses, while shareholders need to complete renunciation by December 17.

(With inputs from agencies.)