Cement stock declares 1:2 rights issue, record date falling next week

With a market worth of Rs. 639.35 Cr., Anjani Portland Cement Ltd. is a small-cap company that operates in the cement industry. South India's Anjani Cement is a well-known brand with an annual manufacturing capacity of 1.2 million tonnes. For the purpose of selling cement, Anjani has also expanded its market to include Tamil Nadu, Orissa, Karnataka, Maharashtra, Kerala, and Goa. Market watchers may take a closer look at the record date for the 1:2 rights issuance that the company's board of directors announced today.

The company said today in a stock exchange filing that “This is to inform you that pursuant to the delegation of authority to the Rights Issue Committee by the Board of Directors of the Company at their meeting held on May 12, 2022, the Rights Issue Committee of the Board, has, at its meeting held today, i.e. December 8, 2022, inter alia fixed Friday, i.e. December 16, 2022 as the Record Date for the purpose of determining the equity shareholders who are entitled to receive the Rights Entitlements Rights Issue of the Company.”

They further said that “Additionally, inter alia, the following terms of the Rights Issue have also been approved for inclusion in the LOF and other documents in relation to the rights issue. 1. Rights Issue size: 1,26,42,848 equity shares of face value of ₹10/- each, for an aggregate amount not exceeding ₹25,000 lakhs. 2. Rights Issue price: The Rights Issue price is determined at ₹197/- (including a share premium of ₹187/-). 3. Rights Entitlement ratio: One (1) Rights Equity Share for every two (2) fully paid-up Equity Shares held by the eligible equity shareholders as on the Record Date, i.e. December 16, 2022.”

Rights issue schedule of Anjani Portland Cement as per stock exchange filings

Last date for credit of rights entitlements: Monday, December 26, 2022

Issue opening date: Friday, December 30, 2022

Last date for on market renunciation: Friday, January 13, 2023

Issue closing date: Thursday, January 19, 2023

Finalisation of basis of allotment (on or about): Tuesday, January 24, 2023

Date of allotment (on or about): Wednesday, January 25, 2023

Date of credit (on or about): Friday, January 27, 2023

Date of listing (on or about): Wednesday, February 1, 2023

The shares of Anjani Portland Cement Ltd closed today at ₹253.90 apiece, up by 1.01% from the previous close of ₹251.35. The stock recorded a total volume of 22,419 shares compared to the 20-Day average volume of 27,252 shares. In the last 1 year, the stock has fallen 18.25% and on a YTD basis, the stock has fallen 21.30% so far in 2022. The stock had touched a 52-week-high of ₹338.80 on (11-January-2022) and a 52-week-low of ₹181.55 on (06-July-2022).