Diligent Industries Rights Issue: Important Details to Check

Diligent Industries Limited is offering a rights issue for its existing shareholders. The company issued a total of 137,232,000 Equity shares with a decided issue price of Rs 3.6 per share, a total amounting to Rs 49.40 crores. 

Meanwhile, the face value is reported as Rs 1 per share. The last date to purchase the shares of Diligent Industries to get eligible for this rights issue is October 23, 2024. It is important to note that the record date for eligibility is October 24, 2024. 

However, Venture Capital and Corporate Investments Private Limited is appointed as the registrar for this rights issue. If we look at the entitlement ratio, it is mentioned that 6 Rights Equity Share(s) is used for every 5 fully paid-up Equity Shares held on Record Date. Bidding for this rights issue will be opening from November 11, 2024 till November 25, 2024.

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Diligent Industries Limited: About the Company

Diligent Industries Limited is a leading company formed in 1995 in India's edible oils sector. It deals with the manufacturing and processing as well as trading of different edible oils, which include Rice Bran Oil and Cotton Oil. Besides them, cattle feed and agriculture products like maize and paddy are also included in the company's portfolio. With a highly advanced processing plant at West Godavari, Andhra Pradesh, the company is in a place for growth as it has recently entered into refined edible oils. Diligent Industries is also listed on the Bombay Stock Exchange (BSE), which is indicative of the strength of market presence. A faithful stewardship under the leadership of Mr. Bhanu Prakash Vankineni strides the company ahead in innovation and continuous improvement from the robust food industry.

Diligent Industries Limited: Objectives

The company will utilize the funds raised from the IPO fresh issue for three key purposes: adjusting unsecured loans against the rights entitlement of the promoters, meeting working capital requirements, and funding for general corporate purposes.

Important Dates for Diligent Industries Rights Issue