Spright Agro Ltd Charts Expansion Plans with Rights Issue
Ahmedabad, Gujarat, June 24: Spright Agro Ltd, an agriculture and horticulture company with a presence in 16 states, is set to raise ~₹44.87 crores through a Rights Issue that opens on June 24, 2024. This investment will fuel the company’s ambitious expansion plans, including boosting working capital and general corporate needs.
Rights Issue Details
- Issue Price: ₹13.4 per share (lower than the current market price of ₹45.69)
- Shares on Offer: 3.34 crore shares
- Subscription Period: June 24 – July 12, 2024
- Rights Entitlement: 1 rights share for every 15 shares held
Expansion Plans
The funds raised will enable Spright Agro to expand its operations and reach new markets. Key plans include:
- Working Capital: ₹34.15 crores will be allocated to meet the company’s operating expenses as it grows its operations.
- General Corporate Purposes: ₹10.32 crores will be used for broader corporate needs, such as research and development, marketing, and potential acquisitions.
Financial Performance
In the last fiscal year (2023-24), Spright Agro reported impressive growth:
- Revenue: ₹72.59 crores, an over 8-fold increase from ₹7.7 crores in the previous year.
- Net Profit: ₹11.62 crores, a more than 10-fold surge from ₹1.02 crores.
Global Expansion
Spright Agro is also committed to global expansion by entering new international markets and forging strategic partnerships. This expansion aims to:
- Grow the business
- Share its sustainability goals
- Enhance food security
Commitment to Sustainability
Spright Agro places great importance on sustainability, community support, and innovation. Through its expansion, it seeks to drive economic development, ensure food security, and provide more people with access to safe, healthy, and affordable food.