News Corporate Actions Gravity India Board Approves Rs. 70 Crore Rights Issue with Committee FormationGravity India Board Approves Rs. 70 Crore Rights Issue with Committee Formation
Gravity (India) Limited's board approved a rights issue worth Rs. 70 crores through equity shares with face value of Rs. 10 each, targeting existing shareholders. The company formed a dedicated committee and received regulatory approvals for the fundraising initiative.
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Gravity (India) Limited announced that its board of directors has approved a comprehensive rights issue plan to raise capital up to Rs. 70 crores during a board meeting held on February 25, 2026. The meeting, which commenced at 10:45 AM and concluded at 11:15 AM at the company's registered office, addressed several key business items related to the fundraising initiative.
Rights Issue Structure
The board approved the issuance and allotment of equity shares with a face value of Rs. 10.00 each for an aggregate amount not exceeding Rs. 70,00,00,000. The rights issue will be offered to eligible equity shareholders of the company as on the record date, which will be notified subsequently.
| Parameter: | Details |
|---|---|
| Security Type: | Equity Shares |
| Face Value: | Rs. 10.00 per share |
| Issue Size: | Up to Rs. 70.00 Crores |
| Issue Type: | Rights Issue |
| Target Shareholders: | Existing equity shareholders |
| Script ID: | 532015 |
| ISIN: | INE995A01013 |
The rights issue is subject to receipt of applicable regulatory and statutory approvals in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013.
Committee Formation and Governance
The board constituted a dedicated Rights Issue Committee to oversee the entire process. The committee comprises three members with defined roles and responsibilities.
| Position: | Name |
|---|---|
| Chairman: | Mr. Mukesh Mahendrabhai Parmar |
| Member: | Mr. Kuldipsinh Rathod |
| Member: | Ms. Komal Hardikkumar Patel |
Key responsibilities assigned to the committee include appointment of various intermediaries for the rights issue process, authority to execute all necessary acts, deeds, and matters deemed necessary for the rights issue, and oversight of the complete rights issue implementation.
Documentation and Regulatory Filing
The board approved the Draft Letter of Offer and other relevant documents related to the rights issue, which will be filed with BSE Limited. The committee has been authorized to handle all aspects of intermediary appointments and execute decisions in connection with the rights issue process.
The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed disclosures as required under Regulation 29 read with Schedule III of the SEBI Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Implementation Timeline
The rights issue will follow all applicable provisions of securities regulations and company law, ensuring full regulatory compliance throughout the process. The specific price and right entitlement ratio will be determined by the Board of Directors or the Rights Issue Committee at a later stage. The record date for determining eligible shareholders will be notified subsequently.
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