a small-cap company with a market valuation of 2,840.20 crore who works in mining and metallurgical industries, that is Sandur Manganese & Iron Ores Limited. The company is one of India’s leading, versatile and integrated commodity producers. The corporation’s business has expanded to include mining, downstream ferro alloys and power plants, solar energy and hospitality. As part of the authorized rights issue, the firm issued 1,80,03,882 equity shares with a face value of 10 each. As a result, the company set the record date as July 27, 2022, and the stock would trade ex-right on July 26, 2022.
The company, in a regulatory filing, said that “in furtherance of our letter dated April 10, 2022, in which the board of directors of the company had considered and approved the issue of fully paid-up equity shares of face value of 1,80,03,882. 10/- on each rights basis at a price of 10/- per rights equity share in aggregate 18,00,38,820/- (Indian Rupees Eighteen Crore Thirty Eight-Eight Thousand Eight Hundred Twenty) in the ratio of 2 rights equity shares as on record date For every 1 equity share held, as per our notice dated 10th May 2022, 6th July 2022, 18th July 2022 to the Stock Exchange in this regard and as per Regulations 30 and 42 of SEBI (LODR) Regulations, 2015 as amended from time to time. As we would like to inform that the Rights Issue Committee and the Board of Directors in their meeting held today i.e. Thursday, 21st July 2022 have fixed the record date i.e. Wednesday, 27th July 2022 for the purpose of being fixed. The names of the shareholders of the company eligible to apply for the rights equity shares in the rights issue of the company.”
The schedule of the rights issue states that the issue will begin on Monday, August 8, 2022, close on Monday, August 29, 2022, and allow relinquishment of rights in the market until Tuesday, August 23, 2022. On NSE, the shares of Sandur Manganese & Iron Ors Ltd closed at Rs. 3,155.10. out of stock 796.75 as on July 24, 2017, represents a multibagger return of 279.22 per cent, at the current market price during the last five years. Similarly, the stock has risen from 691.70 as on July 24, 2019, at the current market price during the last three years, provides a multibagger return of 333.54 per cent. The stock has gained 58.51 percent over the last year, and on a YTD basis, it has climbed 26.28 percent so far in 2022. After the rights issue, the outstanding equity shares of the company will increase from 90,01,941 to 2,70,05,823. The promoter’s stake in the firm currently stands at 73.23 per cent.
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