Anirit Ventures Secures BSE In-Principle Approval for Rights Issue of Partly Paid-up Equity Shares

Anirit Ventures Limited has taken a significant step forward in its capital raising efforts, receiving in-principle approval from BSE Limited for its proposed rights issue of partly paid-up equity shares. This development marks an important milestone for the company as it prepares to offer additional equity to its existing shareholders.

Key Details of the Approval

Conditions and Requirements

The approval comes with several conditions that Anirit Ventures must adhere to:

1. Record Date: The company must fix a record date for the rights issue, providing at least three working days' advance notice to the exchange.

2. Price Disclosure: Anirit Ventures is required to disclose the rights issue price of the equity shares at least three working days prior to the record date.

3. Documentation: Ten printed copies of the Letter of Offer and Composite Application Form must be submitted to BSE at the time of dispatch to shareholders.

4. Dematerialization: Agreements must be in place with all depositories for the dematerialization of securities, with an option for investors to receive allotment in dematerialized form.

5. Basis of Allotment: Approval for the Basis of Allotment must be obtained from the Designated Stock Exchange, even in cases of under-subscription.

6. Compliance Officer: As per SEBI regulations, a qualified Company Secretary should be appointed as the Compliance Officer.

Listing Approval and Disclaimer

BSE has also granted in-principle approval for listing the partly paid-up equity shares, subject to the completion of post-issue requirements and compliance with statutory, legal, and listing formalities. The exchange has mandated the inclusion of a specific disclaimer clause in the Letter of Offer and all related advertisements, emphasizing that BSE's permission should not be construed as an endorsement of the company's offer or financial soundness.

Next Steps

With this approval, Anirit Ventures is poised to move forward with its rights issue. Shareholders and potential investors should keep an eye out for further announcements regarding the record date and pricing details, which will be crucial for participation in the rights issue.

As the company progresses with this capital raising initiative, it will need to ensure strict adherence to all regulatory requirements and timelines set forth by BSE and SEBI. This rights issue represents an opportunity for existing shareholders to increase their stake in the company, potentially at a favorable price point.

Investors are advised to carefully review the Letter of Offer, once available, for complete details about the rights issue, including risk factors and use of proceeds, before making any investment decisions.