Gravity (India) Limited announced that its board of directors has approved a comprehensive rights issue plan to raise capital up to Rs. 70.00 crores during a board meeting held on February 25, 2026. However, the company has now cancelled the Rights Issue Committee meeting that was scheduled for March 2, 2026, due to pending regulatory approvals from the stock exchange.

Rights Issue Structure and Regulatory Delays

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 Committee was originally scheduled to convene on March 2, 2026, to determine specific terms including the rights issue price, payment mechanism, rights entitlement ratio, record date, and timing of the rights issue.

In a communication to BSE Limited dated March 2, 2026, the company informed that the Rights Issue Committee meeting stands cancelled as the in-principle approval from the Stock Exchange in respect of the Rights Issue is still under process.

Committee Composition and Rescheduling Plans

The board had constituted a dedicated Rights Issue Committee comprising three members to oversee the entire process. The committee has been authorized to handle all aspects of intermediary appointments and execute decisions in connection with the rights issue process.

The company has stated that it will convene a fresh meeting of the Rights Issue Committee upon receipt of the in-principle approval from the Stock Exchange. Prior intimation of such meeting will be provided in accordance with applicable regulatory requirements.

Regulatory Compliance and Next Steps

The rights issue remains 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.

In compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, the company had closed the trading window for designated persons and their immediate relatives from February 25, 2026. The trading window closure remains in effect until the rights issue process progresses further.

The board had previously approved the Draft Letter of Offer and other relevant documents related to the rights issue for filing with BSE Limited. The specific price and right entitlement ratio will be determined by the Rights Issue Committee during the rescheduled meeting, once regulatory approvals are obtained.