₹49.84 Crores | Listing at BSE, NSE | Thu, Sep 12, 2024 - Fri, Sep 27, 2024
Vardhman Polytex Ltd. Rights Issue comprises 8.31 Cr equity shares aggregating to ₹49.84 Cr, offered at an issue price of ₹6 per share with a face value of ₹1 per share.
The record date for determining eligible shareholder is Aug 28, 2024, with the Rights Issue being offered in the entitlement ratio of 7 : 23.
The term of payment is defined as following : The entire amount of the Issue Price of Rs 6/- 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 Oct 8, 2024.
The Rights Issue opens on Sep 12, 2024, and closes on Sep 27, 2024, with renunciation of Rights Entitlements permitted up to Sep 24, 2024.
The deemed date of allotment is Oct 8, 2024, following which the equity shares are expected to be credited to demat accounts on Oct 10, 2024 and listed at the NSE and the BSE on Oct 11, 2024.
Arihant Capital Markets Ltd. is the Lead Manager to the issue and Alankit Assignments Ltd. is the Registrar to the Issue.
Investors are advised to refer to the Vardhman Polytex Ltd. Letter of Offer for detailed information, including risk factors, issue terms, and procedural details.
Record Date
Wed, Aug 28, 2024
Entitlement Ratio
7 : 23
Open Date
Thu, Sep 12, 2024
Close Date
Fri, Sep 27, 2024
The entire amount of the Issue Price of Rs 6/- per Rights Equity Share shall be payable at the time of Application.
Vardhman Polytex Ltd.'s revenue decreased by -36% and profit after tax (PAT) dropped by -1894% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 275.6 | 291.41 |
| Revenue | 399.61 | 621.67 |
| Profit After Tax | -26.76 | 1.49 |
| Net Worth | -361.04 | -362.31 |
| Reserves and Surplus | -394.32 | -382.81 |
| Amount in ₹ Crore | ||
Founded in 1980, Vardhman Polytex Limited, an Oswal Group company, manufactures cotton and blended yarn.
Vardhman Polytex has production facilities located in Ludhiana and Nalagarh, India. The Company's principal activity is the manufacturing of yarn & garments. Its product range includes yarns and garments. It generates the majority of the revenue from the Textile Business.
The company's yarn portfolio includes cotton (carded, combed, organic, BCI, and SUPIMA), cotton-polyester blends, and value-added yarn (grey) in various counts. Using the best raw materials and state-of-the-art technology, each yarn meets the highest global standards and underlines our commitment to excellence in yarn manufacturing.
The company intends to utilize the gross proceeds raised through the Issue after deducting the Issue related expenses for the following objects:
[Dilip Davda] The company is engaged in the business of manufacturing and marketing of cotton and blended yarns. It incurred huge losses for FY24 and Q1-FY25, making this RI a pricey bet. There is no harm in skipping this loss making company’s aggressively priced bet. Read detail review...
Vardhman Polytex Rights Issue 2024 got oversubscribed by 1.65 times by the end of the bidding period with total bid quantity received by BSE and NSE of 13,74,08,562 shares. Check Day by Day Subscription Details (Live Status)
| Date | BSE Bid Quantity | NSE Bid Quantity | Total Bid Quantity | Subscription Times |
|---|---|---|---|---|
Sep 27 2024 17:00:00 | 12,56,93,894 | 1,17,14,668 | 13,74,08,562 | 1.65x |
Vardhman Polytex Ltd.
Vardhman Park,
Chandigarh Road,
Ludhiana - 141123
Ludhiana, Punjab, 141123
The Vardhman Polytex Rights Issue 2024 opens on Thu, Sep 12, 2024, and closes on Fri, Sep 27, 2024.
Vardhman Polytex Rights Issue 2024 Schedule
| Last Date for credit of Rights Entitlements | Wed, Sep 11, 2024 |
| Last Date for renunciation of Rights Entitlements | Tue, Sep 24, 2024 |
| Issue Opening Date | Thu, Sep 12, 2024 |
| Issue Closing Date | Fri, Sep 27, 2024 |
| Date of Allotment (on or about) | Tue, Oct 8, 2024 |
| Date of Credit (on or about) | Thu, Oct 10, 2024 |
| Date of Listing (on or about) | Fri, Oct 11, 2024 |
You can apply for Vardhman Polytex Rights Issue 2024 in two ways:
Steps to apply for Vardhman Polytex Rights Issue 2024 using Net Banking (ASBA)
Steps to apply for Vardhman Polytex Rights Issue 2024 using Registrar's website (R-WAP)
