The Board of Directors ("Board") of SMC Credits Ltd, at its meeting held today, comprehensively reviewed the industry scenario, business environment, financial/ business strategy of the Company and approved the Company's plan to raise further capital.
Further, the Board has approved the issuance of equity shares (fully paid-up), on rights basis to such eligible shareholders of the Company as on the record date (to be decided subsequently) for an aggregate amount not exceeding Rs. 15 crores (Rs. Fifteen Crores only) (the "Right Issue") in accordance with applicable laws including the provision of the Companies Act, 2013 and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the SEB] LODR Regulations, and subject to such approvals, as may be required under the applicable laws, and other matters incidental and ancillary thereto.
The Board/its duly authorized committee shall decide the detailed terms in relation to the Rights Issue, including but not limiting to the Issue price, rights entitlement ratio, record date, timing, terms of payment and other related matters.