Ashnoor Textile Mills Limited Rights Issue: Everything to Know Before Applying

Ashnoor Textile Mills Limited came up with the rights Issue. The company reported the issue size of net 31.86 lakhs of Equity shares at the issue price of Rs 20 each share, which amounts to Rs 6.37 Crores. The opening and closing dates for the subscription for the rights Issue are May 7, 2024, and May 16, 2024, respectively. Meanwhile, the face value is reported at Rs 10 per share. An investor who does not own shares of Ashnoor Textile Mills Limited can buy its shares till April 25, 2024, to be eligible for this rights issue, which is the last date to buy shares, whereas the record date for the right Issue is mentioned by the company is April 26, 2024. The registrar for this right Issue is Link Intime India Private Limited.

About Ashnoor Textile Mills Limited

Ashnoor Textile Mills Limited, founded in January 1984, specializes in the production and export of premium-quality terry towels. Operating solely within India, the company focuses on manufacturing a variety of towels, including colored options, in response to market demand. With no geographical segmentation, Ashnoor Textile Mills operates as a cohesive unit dedicated to its core business. By June 30, 2023, the company had manufactured over 845 tons of terry towels. Ashnoor Textile Mills prides itself on its ISO 9001 and 140001 certifications, underscoring its commitment to quality and environmental standards. Furthermore, the company exports its terry towels to the US market. As of the same date, Ashnoor Textile Mills employs 296 individuals across its operations, reflecting its significant workforce and operational scale.

Primary Objectives of Ashnoor Textile Mills Right issue

The company intends to utilize the Net Proceeds from this Issue for several purposes. Primarily, the funds will be directed towards adjusting unsecured loans linked to the entitlement of the company's promoters to enhance financial stability. Additionally, a portion of the proceeds will support General Corporate Purposes, encompassing various operational needs and potential growth initiatives. Moreover, the funds will also be allocated to cover the expenses associated with executing the Rights Issue, ensuring a smooth process for all stakeholders involved while further boosting the company's financial position.

Also Read | Racks and Rollers IPO: Things to Keep In Mind Before Investing

Financial Performance of Ashnoor Textile Mills Limited (Amt in Rs Crore)

Ashnoor Textile Mills Limited reported Rs 177.79Cr of net revenue for FY 22-23, which is declined by 32.22% compared to FY 21-22, whereas Profit after tax is reported Rs 6.12 Cr for FY 22-23, i.e. also delined by 31.70%.

Important Dates for Ashnoor Textile Mills Rights Issue

Timetable of Ashnoor Textile Mills Rights Issue

How do I apply for the Ashnoor Textile Mills Rights Issue?

Once the Ashnoor Textile Mills Rights Issue application is open for subscription, you can click here to apply with Bigul.

How do you check the allotment status of the Ashnoor Textile Mills Rights Issue?

The registrar for this right issue is Link Intime India Private Ltd. Investors can check the allotment status by clicking here.

FAQs

1. What is the Ashnoor Textile Mills Rights Issue opening and closing date?

The opening date and closing date of the right issue are May 7, 2024, and May 16, 2024, respectively.

2. What is the record date for the Ashnoor Textile Mills Rights Issue?

The record date, which is the date to determine the shareholder's eligibility for the Rights Issue, is April 26, 2024.

3. What is the last Date to buy Shares?

To get eligible for the rights issue of Ashnoor Textile Mills limited, an investor can buy its shares till April 25, 2024.

4. What are the recent financial updates of Ashnoor Textile Mills Limited?

Ashnoor Textile Mills Limited reported Rs 177.79Cr of net revenue for FY 22-23, which is declined by 32.22% compared to FY 21-22, whereas Profit after tax is reported Rs 6.12 Cr for FY 22-23, i.e. also declined by 31.70%.

5. How can I apply for the Ashnoor Textile Mills Rights Issue?

You can apply for the Ashnoor Textile Mills Rights Issue right issue by visiting here.

6. How can I check the allotment status of the Ashnoor Textile Mills Issue?

The registrar for this right issue is Link Intime India Private Ltd. Investors can check the allotment status by clicking here.

7. Where will the Ashnoor Textile Mills Right Issue be listed?

The Rights Issue will be listed on the Bombay Stock Exchange (BSE).

8. What is the entitlement ratio for the Ashnoor Textile Mills Limited Right Issue?

The entitlement ratio is set at 7 Rights Equity Shares for every 1 fully paid-up equity share held on the record date of April 26, 2024. 

Also Read | Premier Energies IPO: Important Things to Know