Shangar Decor Limited Unveils Rs. 49.35 Crore Rights Issue to Fund Expansion

Shangar Decor Limited, famed for its event decor services, launched a Rs. 49.35 crore rights issue, opening for subscription on November 8, 2024. The issue includes 8.56 crore shares at Rs. 5.76 each, and aims to fund working capital and other expenses. This rights issue closes on December 6, 2024.

Ahmedabad's Shangar Decor Limited, well-regarded in the decor service industry, has embarked on a Rs. 49.35 crore rights issue, which commenced on November 8, 2024. The company looks to fund its working capital requirements, issue expenses, and general corporate needs through this offering.

The rights issue includes 8.56 crore fully-paid equity shares priced at Rs. 5.76 each, with a rights entitlement ratio of 7:1 for existing shareholders as of the record date, October 28, 2024. Shareholders are entitled to seven rights equity shares for every fully paid-up equity share held.

The funds are allocated with Rs. 37.81 crore directed towards working capital, Rs. 25 lakh for issue expenses, and Rs. 11.29 crore for corporate purposes. The rights issue will end on December 6, 2024, with shares listed on the BSE by December 24, 2024.

(With inputs from agencies.)