39:20 Rights Issue After 1:1 Bonus Share: Penny Stock Below Rs 2; Check Record Date & Other Details Inside
The stock is up by 20 per cent from its 52-week low of Rs 1.43 per share.
The Board of Directors of Garment Mantra Lifestyle Ltd has approved a Rights Issue to its eligible equity shareholders. This issuance involves equity shares with a face value of Re 1 each, aiming to raise an amount not exceeding Rs 50 crore. The decision was made under the Companies Act, 2013, and the SEBI ICDR Regulations, 2018. Furthermore, the Rights Issue Committee, in their meeting held on April 9, 2025, which commenced at 10:30 a.m. and concluded at 12:30 p.m., considered and approved the specific terms of this offering.
The approved terms include the issuance of 39,14,97,795 partly paid-up equity shares at an issue price of Rs 1.20 per share, which includes a premium of Rs 0.20 per equity share, aggregating to Rs 4,697.97 lakh. The Rights Entitlement Ratio is set at 39 equity shares for every 20 fully paid equity shares held on the record date, which is fixed as Thursday, April 17, 2025. The Rights Issue Price is Rs 1.20 per equity share, with Re 0.30 payable on application. The outstanding equity shares before the Rights Issue were 20,07,68,100, and post full subscription, this number is expected to be 59,22,65,895.
Earlier, the shares of the company ex-traded bonus shares in the ratio 1:1, i.e., 1 new Bonus equity share of Re 1 each fully paid up for every 1 existing equity share of Re 1 each fully paid up. The ex-date was Tuesday, September 03, 2024.
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About Garment Mantra Lifestyle Ltd
Garment Mantra is a company focused on fulfilling the fashion and lifestyle aspirations of the mass Indian population. The promoters of the company have extensive experience in the textile industry for over 3 decades. Garment Mantra has 3 business divisions. Firstly, Garment Mantra is engaged in the business of garment manufacturing and selling both knitted fabrics as well as knitted garments.
On Wednesday, shares of Garment Mantra Lifestyle Ltd gained 2.4 per cent to an intraday high of Rs 1.71 per share from its previous closing of Rs 1.67 per share. The company has a market cap of Rs 34 crore. The stock is up by 20 per cent from its 52-week low of Rs 1.43 per share.
Disclaimer: The article is for informational purposes only and not investment advice.