7NR Retail Ltd’s Rs. 16.33 crores Rights Issue to open on September 6
Rights Issue priced at Rs. 1.4 per share – 16.5% discount to share price on 2 Sep; Rights Issue opens on September 6 and closes on September 20
Ahmedabad, September 3: Makers of a leading Kids wear Brand ‘Gini & Jony’, Ahmedabad-based 7NR Retail Ltd, engaged in the business of trading of fabrics and apparel in the wholesale and retail segment, is scheduled to open its Rs. 16.33 crore rights issue on September 6, 2022. The funds raised through the issue will be utilised to meet the working capital requirements required to fund the company’s expansion plans, meeting working capital requirements and for general corporate purposes. The Right issue is offered at a price of Rs. 1.4 per share – 16.5% discount to share price of Rs. 1.68 per share on September 2 on BSE. Rights Issue closes on September 20, 2022.
The Company will issue 11,66,95,000 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 1.4 per Equity Share aggregating to Rs. 16.34 crore on a rights basis to eligible equity shareholders in the ratio of 1:1 (1 Equity Shares for every 1 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as on the record date). The last date for On-market Renunciation of Rights Entitlements is September 15, 2022.
Commenting on the development, Mr. Tarachand Gangasahay Agrawal, Managing Director, 7NR Retail Ltd, said, “Company has taken important strategic initiatives in the recent past with a focus to expand the product line, adding more channel partners etc. Our Company has started 2 new units in Ahmedabad at Vatva and Motera in the Segment of Retail Stores of Furniture, Garments and other products. The company has a mission to develop the franchisee in different cities of India, focusing more on Tier I and Tier II cities for expansion and to deliver superior quality to value to our customers, shareholders, employees and society at large. Proceeds of the issue will further strengthen the company’s balance sheet and help fund its strategic growth initiatives.”
Funds raised through the issue will be used to meet working capital requirements for the company’s business activities and general corporate purposes, including strengthening marketing, brand building etc
The rights entitlement ratio for the proposed rights issue is 1:1; i.e. one rights equity shares of Rs. 1 each for every 1 equity shares held by the equity shareholders
Company has fixed August 23 as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue
For FY22, the company reported a Total income of Rs. 24.29 crores and a Net profit of Rs. 77 lakh
Additionally, the company also proposes to deploy the proceeds of the Rights Issue to meet general corporate purposes, including brand-building exercises and strengthening marketing capabilities, general maintenance, partnerships, tie-ups or contingencies in the ordinary course of business and ongoing general corporate exigencies.
Incorporated in 2012, 7NR Retail Limited is engaged in the business of trading apparel in the Wholesale and Retail Segments. The company strives to focus on maintaining and reinforcing the image of its existing exclusive brand outlets under the brand name “Gini & Jony” in kids’ garments in the retail segment. Recently the Company has started the business of Suiting and Shirting. Company’s long-term focus continues to be investing in growth through new product launches and expanding retail footprints.
For FY22, the company reported a Total income of Rs. 24.29 crores and a Net profit of Rs. 77 lakh. Promoter Group holding in the company is 27.23% as on 30 June 2022. Post the rights issue, the total outstanding shares of the company should increase to 23,33,90,000 equity shares from 11,66,95,000 equity shares as on June 2022.
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