Annvrridhhi Ventures Limited (formerly J. Taparia Projects Limited) has received a significant boost to its capital raising plans. The company announced that it has secured in-principle approval from BSE Limited for a proposed rights issue of partly paid-up equity shares.

Key Details of the Rights Issue

Regulatory Compliance

The company made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed entities to disclose material events or information to stock exchanges.

Company's Response

Sakina Lokhandwala, the Company Secretary and Compliance Officer of Annvrridhhi Ventures Limited, confirmed the receipt of the in-principle approval letter from BSE Limited. The company has duly informed the stock exchange about this development, ensuring transparency with its stakeholders.

Implications for Investors

A rights issue allows existing shareholders to purchase additional shares at a discounted price, potentially increasing their stake in the company. For Annvrridhhi Ventures, this approval paves the way for raising capital up to ₹38.00 crores, which could be used for various corporate purposes such as expansion, debt reduction, or working capital requirements.

Investors and market participants will be keenly watching for further details about the rights issue, including the price, ratio, and record date, which the company is expected to announce in due course.

This corporate action marks a significant step for Annvrridhhi Ventures Limited in its capital raising efforts, potentially impacting its financial structure and future growth prospects.

Annvrridhhi Ventures Limited , formerly known as J. Taparia Projects Limited, has received shareholder approval for a significant increase in its authorized share capital. The company's shareholders have given their consent to raise the authorized share capital to ₹100.00 crores, divided into 10 crore equity shares of ₹10.00 each.

Shareholder Approval Process

The approval was obtained through a combination of remote e-voting and venue e-voting. The remote e-voting period ran from September 26 to September 28, allowing shareholders to cast their votes electronically. Additionally, venue e-voting was conducted during the company's 45th Annual General Meeting (AGM) held on September 29, via video conferencing.

Voting Results

According to the scrutinizer's report, the resolution to increase the authorized share capital and alter the Memorandum of Association received overwhelming support:

The resolution was passed with a near-unanimous majority, with 99.98% of the votes cast in favor of the increase in authorized share capital.

Memorandum of Association Amendment

Following the shareholder approval, the company has altered Clause V of its Memorandum of Association to reflect the new authorized share capital structure. The amended clause now reads:

"The Authorized share capital of the company is ₹ 100,00,00,000 (Rupees One Hundred Crores) divided into 10,00,00,000 (Ten crore) equity shares of face value of ₹10 /- (Rupees Ten) each with the rights, privileges and conditions attaching thereto as provided by the regulations of the Company with power for the Company to increase or reduce the share capital, original or increased with or without such preferential deferred, qualified or special rights, privileges or conditions as may be determined by or in accordance with the regulations of the Company and to vary, modify or abrogate any such rights, privileges or conditions in such manner as may be provided by the regulations of the Company."

Implications

The substantial increase in authorized share capital provides Annvrridhhi Ventures with greater flexibility for potential future fundraising activities, stock splits, or other corporate actions that may require additional shares. This move could be seen as a strategic step to position the company for future growth opportunities or capital restructuring.

The company has stated that all information regarding this development has been disclosed on its website, www.annvrridhhi.com , in compliance with regulatory requirements.