₹48.05 Crores | Listing at BSE | Mon, May 13, 2024 - Thu, May 30, 2024
Banas Finance Ltd. Rights Issue comprises 4.80 Cr equity shares aggregating to ₹48.05 Cr, offered at an issue price of ₹10 per share with a face value of ₹10 per share.
The record date for determining eligible shareholder is Apr 26, 2024, with the Rights Issue being offered in the entitlement ratio of 1 : 1.
The term of payment is defined as following : The Issue Price of Rs. 10/- per Rights Equity Share shall be payable at the time of application.
The Rights Entitlements are expected to be credited to eligible demat accounts on Jun 11, 2024.
The Rights Issue opens on May 13, 2024, and closes on May 30, 2024, with renunciation of Rights Entitlements permitted up to May 17, 2024.
The deemed date of allotment is Jun 11, 2024, following which the equity shares are expected to be credited to demat accounts on Jun 13, 2024 and listed at the BSE on Jun 14, 2024.
Purva Sharegistry (India) Pvt.Ltd. is the Registrar to the Issue.
Investors are advised to refer to the Banas Finance Ltd. Letter of Offer for detailed information, including risk factors, issue terms, and procedural details.
Record Date
Fri, Apr 26, 2024
Entitlement Ratio
1 : 1
Open Date
Mon, May 13, 2024
Close Date
Thu, May 30, 2024
The Issue Price of Rs. 10/- per Rights Equity Share shall be payable at the time of application.
Banas Finance Ltd.'s revenue decreased by -79.29% and profit after tax (PAT) dropped by -178.95% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 159.35 | 188.08 | |
| Revenue | 20.88 | 100.82 | 14.47 |
| Profit After Tax | -54.76 | 69.37 | 11.22 |
| Amount in ₹ Crore | |||
Banas Finance Ltd. was founded in 1983 and is a non-banking finance company.
The company is engaged in the purchase, leasing, factoring, installment financing and leasing of all types of machinery and equipment, motor vehicles, motorboats, trawlers, launches, ships, vessels, helicopters, aircraft, motor vehicles, computers and other equipment.
The company proposes to utilize the Net Proceeds to:
1. Towards working capital requirements including:
2. General corporate purpose; and
3. To meet Issue related expenses.
[Dilip Davda] Though this RI is at par, inconsistency in its financial performance raises major concern. Doubled equity post-RI it may also face servicing issue. Low promoter holding is also worrisome. Since this is at par RI at a discount of around 38.8% based on last traded price, well-informed investors may park moderate funds for the medium term. Read detail review...
Banas Finance Rights Issue 2024 got subscribed by 0.87 times by the end of the bidding period with total bid quantity received by BSE of 4,19,38,238 shares. Check Day by Day Subscription Details (Live Status)
| Date | BSE Bid Quantity | Subscription Times |
|---|---|---|
May 30 2024 17:00:00 | 4,19,38,238 | 0.87x |
Banas Finance Ltd.
E-109, Crystal Plaza,
New Link Road,
Opp. Infinity Mall, Andheri (W) - 400 053
Andheri, Maharashtra, 400053
Purva Sharegistry (India) Pvt.Ltd.
The Banas Finance Rights Issue 2024 opens on Mon, May 13, 2024, and closes on Thu, May 30, 2024.
Banas Finance Rights Issue 2024 Schedule
| Last Date for credit of Rights Entitlements | Mon, May 6, 2024 |
| Last Date for renunciation of Rights Entitlements | Fri, May 17, 2024 |
| Issue Opening Date | Mon, May 13, 2024 |
| Issue Closing Date | Thu, May 30, 2024 |
| Date of Allotment (on or about) | Tue, Jun 11, 2024 |
| Date of Credit (on or about) | Thu, Jun 13, 2024 |
| Date of Listing (on or about) | Fri, Jun 14, 2024 |
You can apply for Banas Finance Rights Issue 2024 in two ways:
Steps to apply for Banas Finance Rights Issue 2024 using Net Banking (ASBA)
Steps to apply for Banas Finance Rights Issue 2024 using Registrar's website (R-WAP)
