Singati Hydro Energy Limited Closing Issue of 1: 1 Right Shares from Today

Singati Hydro Energy Limited (SHEL) is closing the unclaimed portion of its right share from today i.e. 22nd Falgun. The auction opened on 2nd Falgun, 2080.

The hydropower company will be issuing 100% right shares worth Rs. 1.45 Arba through the issue of 14,500,000 (1: 1) units of right shares to its existing shareholders. The current paid-up capital of Rs. 1.45 Arba. After the adjustment of the proposed right share i.e. 1.45 crore units, the paid-up capital of the company will increase to Rs. 2.90 Arba.

The hydropower company claims that the decision to issue the right shares has been taken to generate funds for investment into other companies as well as for debt clearance.

According to the CDSC, a total of 70,330 general shareholders applied for 29,26,719 units of right shares, equivalent to Rs. 29.26 Crore. Despite this substantial interest from the general shareholders, the issue was only subscribed to 20.18% of its total offering as of 5 PM Yesterday.

Kumari Capital Limited is appointed as the issue manager for this right issue.

The book closure date was on Poush 22. Thus, the shareholders maintained before that day are eligible for the rights offering.