Annvrridhhi Ventures BSE RI review - (Not Rated)

•    This is the 2nd RI from the company since April 2025.
•    It has posted erratic financial performance for the reported periods with losses for FY24 and Q1 of FY26. 
•    The company has carried forward losses translating its NAV at a discount to its FV.
•    The company is operating in a highly competitive and fragmented segment.
•    There is no harm in skipping this at par offer as it’s a “High Risk/Low Return” bet.

ABOUT COMPANY:
Annvrridhhi Ventures Ltd. (AVL) is engaged in the trading of agro-commodities, currently focusing on raw pulses such as pigeon peas and chickpeas, as well as millets like jowar. With a strong foundation in the pulse and millet segment, the Company aims to strategically expand its portfolio to include dairy products, spices, and a broader range of agricultural commodities, in line with evolving market demand and growth opportunities in the agri-business sector. The Company is establishing its presence in agro commodity trading business. The offer document is silent on its employees’ strength.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 37800000 equity shares of Rs. 10 each at par value to mobilize Rs. 37.80 cr. The RI opens for subscription on November 17, 2025, and will close on November 26, 2025. The company is offering RI in the ratio of 7 for 3 to its eligible stakeholders as of the record date of November 07, 2025. The company is asking for 25% (i.e., Rs. 2.50 per share) on application for the number of shares applied, and the rest by one or more calls from time to time at the discretion of the company. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.88 cr. for this RI process, and from the net proceeds, it will utilize Rs. 32.13 cr. for working capital, and Rs. 4.79 cr. for general corporate purposes. 

The RI is self-managed by the company itself, and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 16.20 cr. will stand enhanced to Rs. 54.00 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 54.00 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit/ - (loss), of Rs. 3.31 cr. / Rs. – (6.33) cr. (FY24). Rs. 66.97 cr. / Rs. 0.74 cr. (FY25). For 1Q of FY26 ended on June 30, 2025, it posted a loss of Rs. 0.27 cr. on a total income of Rs. 21.01 cr. Its NAV stood at Rs. 6.06 per share against FV of Rs. 10, indicating carried forward losses.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. 

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 538539 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 12.62 on November 06, 2025, and opened on an ex-right basis at Rs. 12.12 on November 07, 2025. Since then, it has marked a high/low of Rs. 12.44 / Rs. 11.09. The scrip last closed at Rs. 11.28 as of November 14, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 24.45 / Rs. 8.51. 

The promoters’ holding has declined to 45.91% for the quarter ended with September 30, 2025, against 57.06% for the previous two quarters ended on June 30, 2025. The counter is well maintained above the par value by vested interests for this at par offer, against a negative book value.