Right Issue of Shares by Seacoast Shipping Service Limited to Raise Rs. 49 Crore, Record Date Set on July 13th, 2023
Seacoast Shipping Services Limited is pleased to announce its decision to undertake a Right Issue of equity shares to raise capital and further strengthen its financial position. The Board of Directors has approved the Draft Letter of Offer ("DLOF") for the issuance and allotment of fully paid-up equity shares of Rs. 1/- each ("Equity Shares") to eligible equity shareholders of the Company on a Rights basis.
The Right Issue will comprise 20,20,05,000 fully paid-up Equity Shares, priced at Rs. 2.40/- per share, including a premium of Rs. 1.40/- per Equity Share.
The total issue size amounts to Rs. 48,48,12,000/-. The Right Entitlement Ratio has been set at 3 (Three) new Right Shares for every 5 (Five) existing Equity Shares held by eligible shareholders as of the Record Date, which has been fixed as Thursday, 13th July 2023.
Furthermore, it should be noted that only those individuals who have applied for their share applications prior to the designated record date of July 13th, 2023, will become eligible for the right issue. This ratio provides an opportunity for eligible shareholders to increase their stake in the Company. The Right Issue period will commence on Friday, 21st July 2023, and conclude on Monday, 31st July 2023.
During this period, eligible shareholders may apply for their entitled shares by submitting their applications and paying Rs. 2.40/- per Equity Share at the time of application. The funds raised through this Right Issue will be utilized for various strategic initiatives, including enhancing the Company's infrastructure, expanding its fleet capacity, and strengthening its market presence. The Board of Directors firmly believes that this capital infusion will support the Company's growth objectives
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