Seacoast Shipping Services Limited approves rights issue to raise funds

The board of directors of Seacoast Shipping Services Limited at their meeting held today, i.e. on Monday, 12th June, 2023, have, discussed and approved the fund raising by way of an issuance of equity shares of face value of Rs.1/- each of the Company to its eligible equity shareholders on a rights basis ("Rights issue") for a value not exceeding Rs. 49 crores (Forty-Nine Crores Only), subject to receipt of necessary approvals from regulatory authorities, as applicable.

Further, the Board has constituted a Rights Issue Committee and authorized its members to decide on the terms and conditions of the Issue, including but not limited to, the final Issue size/amount, rights entitlement ratio, the issue price, record date, timing of the Rights Issue, approval of draft letter of offer; appointment of intermediaries, if required; allotment of shares and other related matters.

The Board Members has also approved the Draft Letter of Offer ("DLOF") for raising of funds through issuance and allotment of fully paid-up equity shares of Rs. 1/- each ("Equity Shares") to the eligible equity shareholders of the Company on a Rights basis, on such terms and at such price and ratio as may be decided by the Board (including Right Issue Committee) at a later date, as on the record date (to be notified later), for an amount upto Rs. 49 crores (Rupees Forty-Nine Crores Only), subject to receipt of in-principle approval of BSE Limited, in accordance with the applicable laws including the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013 and rules made there under, as amended from time to time ("Rights Issue").

Source : Equity Bulls

Keywords

SeacoastShippingServices FundRaising RightsIssue