The Board of Directors of SMC Credits Ltd in its meeting held on August 08, 2022, has discussed and decided to issue 1,50,33,300 equity shares of face value of Rs. 10 each of ther Company for cash at a price of Rs. 10 per equity share aggregating to Rs. 1,503 lakhs on a rights basis to the eligible equity shareholders of the company in the ratio of 3 (three) equity shares for every 2 (two) fully paid-up equity shares held by the eligible equity shareholders on record date to be decided, for an aggregate amount not exceeding Rs. 15,03,33,000 (Rupees Fifteen Crores Three Lakhs and Thirty Three Thousand only) subject to applicable regulatory & statutory provisions. The Board has also approved the Draft Letter of Offer.