Indrayani Biotech has submitted its Letter of Offer to the Bombay Stock Exchange for a rights issue aimed at raising up to ₹4,878.88 lakh. The company plans to issue up to 3,25,25,897 partly paid-up equity shares at an issue price of ₹15 each, offered on a ratio of 5 partly paid-up shares for every 7 fully paid-up shares held as on the record date of April 28, 2026.

The issue opens on September 15, 2026, and closes on October 14, 2026. Investors must pay ₹3.75 per share on application, with the balance of ₹11.25 payable in subsequent calls determined by the board.

Issue Structure and Payment Terms

The rights issue is structured as partly paid-up equity shares with a face value of ₹10 each and a premium of ₹5 each. The payment schedule is divided into two stages:

The company will allot the shares in dematerialized form only. Rights entitlements will be credited to eligible shareholders' demat accounts before the issue opening date under ISIN INE007C20013.

Utilization of Proceeds

Indrayani Biotech intends to deploy the net proceeds of approximately ₹4,803.88 lakh towards specific corporate objectives. A significant portion is allocated for debt adjustment rather than fresh cash inflow.

• Working Capital: Up to ₹2,064.64 lakh (42.98% of net proceeds) will finance working capital requirements.
• Promoter Loan Adjustment: ₹500.00 lakh will be used to adjust an outstanding unsecured loan from promoter Swaminathan Govindarajan against his rights entitlement subscription.
• Investor Advance Adjustment: Up to ₹1,275.00 lakh will settle an unsecured advance received from Bougainvillea Investments Private Limited (BIPL). BIPL will acquire equity shares up to an 8% holding limit in the post-issue capital structure.
• General Corporate Purposes: The remaining ₹964.24 lakh (20.07% of net proceeds) will meet general corporate needs and issue expenses not exceeding ₹75.00 lakh.

Financial Context

The rights issue follows a financial year ended March 31, 2026, where the company reported standalone revenue from operations of ₹2,189.78 lakh, a decline from ₹3,776.91 lakh in FY25. Standalone profit after tax fell to ₹69.97 lakh compared to ₹144.63 lakh in the previous year. Consolidated revenue grew marginally to ₹13,783.12 lakh from ₹13,022.84 lakh, while consolidated profit after tax turned positive at ₹216.81 lakh, recovering from a loss of ₹613.36 lakh in FY25.

What the Numbers Show

The utilization plan reveals a capital restructuring strategy rather than pure growth financing. Over 36% of the net proceeds are designated for adjusting existing liabilities owed to promoters and BIPL through share allotment. This means no fresh cash enters the company for these specific amounts, effectively converting debt to equity while diluting existing shareholders who do not participate proportionately. The reliance on working capital funding for nearly 43% of the proceeds suggests liquidity constraints in operations, particularly given the standalone revenue contraction observed in FY26.

Indrayani Biotech has appointed C.S. Shanmuga Sundar as its Company Secretary and Compliance Officer, effective September 9, 2026. The Board of Directors approved the appointment during a meeting held on the same date.

The hiring follows the resignation of Ms. Ramya Ravi, who ceased to hold the position effective June 3, 2026. Mr. Shanmuga Sundar holds membership number A58375 with the Institute of Company Secretaries of India.

Appointment Details

Mr. Shanmuga Sundar completed his Associate Company Secretary qualification on April 27, 2019. He brings experience in corporate secretarial functions, statutory compliance, and corporate governance. His most recent role was with Peiner Smag Machinery, where he served as Company Secretary overseeing secretarial and governance functions.

The company confirmed that Mr. Shanmuga Sundar is not related to any directors of the company. The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.