Advik Capital Approves Allotment of Rs 49 Cr Rights Issue

Advik Capital, a small-cap NBFC, authorised the allocation of the rights issue on Wednesday. According to a regulatory filing, the company's board has approved the rights issue of up to Rs 49.91 crores worth of equity shares totalling more than 20 crore.

"The Rights Issue Committee of the Company has, at its meeting held today i.e. October 11, 2023 approved the allotment of 20,79,60,320 Fully Paid-up Rights Equity shares of face value of Re. 1/- each at a price of Rs. 2.40/- per Rights Equity share (including premium of Rs. 1.40/- per share) to the eligible applicants," said Advik Capital in a stock exchange filing.

"With this allotment, paid up capital of the Company stand increased to 42,81,53,600," the company further stated.
The NBFC company launched the rights issue earlier in September and set the price per equity share at Rs 2.40. On September 18, the rights issue began, and it ended on September 29. The board decided to use September 7 as the issue's record date. The Advik Capital rights issue entitlement ratio was 17 equity shares for every 18 equity shares or 17:18 held by the eligible shareholders of the company as of the record date.

On Wednesday, the shares of Advik Capital closed on the BSE at Rs 2.55 apiece down by 1.16% from the previous close of Rs 2.58. The scrip hit a 52-week-high of Rs 5.01 on (09/03/2023) and a 52-week-low of Rs 1.90 on (14/08/2023), representing that at the current market price, the shares of Advik Capital are trading 49.10% below the 1 year high and 34.21% above the 1 year low. During Q1FY24, the company reported a promoters' shareholding of 21.80% and a public stake of 78.20%.