Zodiac JRD-MKJ Limited has advanced its equity fundraising strategy after its Rights Issue Committee approved the Draft Letter of Offer (DLOF) for a rights issue worth up to ₹400 crore. The decision, taken on August 6, 2026, paves the way for the company to raise capital from existing shareholders through the issuance of fully paid-up equity shares with a face value of ₹10 each. This development is critical for investors as it signals the imminent formalization of subscription terms, allowing shareholders to prepare for potential dilution or increased holding opportunities in the diamond and jewellery sector.

The approval was announced via a disclosure to the BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mahesh Ratilal Shah, Managing Director of Zodiac JRD-MKJ Limited, signed the communication confirming that the Rights Issue Committee had considered and approved the DLOF during its meeting held on Thursday, August 6, 2026. The committee retained the authority to determine the final issue price, subscription ratio, and record date at a later stage, ensuring flexibility in aligning the offer with prevailing market conditions.

Key Details of the Rights Issue

The proposal adheres to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013. The company noted that the issuance is subject to receiving in-principle approval from BSE Limited. Compliance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, was also maintained through the attached Annexure-A detailing the fund-raising parameters.

Strategic Implications

The rights issue represents a significant capital structure adjustment for Zodiac JRD-MKJ Limited. By raising up to ₹400 crore, the company aims to strengthen its balance sheet, potentially funding expansion in its diamond, jewellery, and precious stones business. For existing shareholders, the rights issue offers an opportunity to maintain their proportional ownership stake. However, the final impact on valuation will depend on the issue price set by the Board, which may differ from the current market price. Market participants will monitor subsequent filings for the specific subscription window and pricing details.

What the Numbers Show

The shift from a general board approval to the formalization of the Draft Letter of Offer indicates accelerated progress in the fundraising timeline. While the maximum amount remains capped at ₹400 crore, the delegation of pricing power to the Rights Issue Committee suggests a strategic approach to maximizing investor participation. This structured rollout minimizes uncertainty for shareholders while ensuring regulatory compliance at each stage.

Bluerock Infrastructure Solutions LLP has reduced its shareholding in Zodiac JRD-MKJ Limited to 6.00% following an open market sale on June 30, 2026. The acquirer, which belongs to the promoter group, offloaded 50,000 equity shares, representing 0.45% of the total share capital.

The disclosure was made to BSE Limited in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. Prior to the transaction, Bluerock Infrastructure Solutions LLP held 7,08,848 shares, accounting for 6.45% of the company's stake.

The total equity share capital of Zodiac JRD-MKJ Limited remains unchanged at 1,09,75,625 equity shares of ₹10 each. The transaction involved only shares carrying voting rights, with no changes reported in encumbered shares or convertible securities.

Shareholding Details

The following table outlines the changes in Bluerock Infrastructure Solutions LLP's shareholding:

Transaction Details

The sale was executed through the open market mechanism. The total diluted share capital of the target company stands at 1,09,75,625 equity shares. Rushat P Sanghavi, the designated partner of Bluerock Infrastructure Solutions LLP, signed the disclosure.