IT Stock Below Rs 20 Announces Update On Rights Issue: Do You Own?

With a market valuation of Rs 96 Cr, Adroit Infotech Ltd is a small-cap company in the IT industry. Based in Pune, Adroit is a well-known provider of SAP solutions. Following the company's substantial update on the rights issue, the shares of the company started higher on the BSE today at Rs 17.90 apiece.

"This is to inform that the Company has received the Listing and trading approval of Partly Paidup Equity Shares (Rights Issue) effective from Thursday, March 07, 2024, from the National Stock Exchange of India Ltd," said Adroit Infotech in a regulatory filing on March 5, 2024.

"This is with reference to the application for the listing of further issue of 32501058 Equity shares of Rs. 10/- each (Rs. 2.50/- partly paid up) allotted under Rights Issue made by the company. We are pleased to inform you that the above equity shares of the Company are listed and admitted to dealings on the Exchange from March 07, 2024," the company further stated.

"Please note that all critical/price sensitive information and other submissions under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall be provided by the company through 'NEAPS' - NSE Electronic Application Processing System (https://neaps.nseindia.com/NEWLISTINGCORP/), an online filing facility provided by the Exchange, for quicker and efficient processing of your submissions," Adroit Infotech stated in a stock exchange filing.

"Trading Members of the Exchange are hereby informed that effective from Thursday, March 07, 2024, the new securities of Adroit Infotech Ltd shall be listed and permitted to trade on the Exchange in the list of 'T' Group of Securities," said the company in a regulatory statement.

The company has declared 3,25,01,058 equity shares of Rs. 10/- each partly paid-up of Rs. 2.50/- issued on rights basis. The issue price is Rs. 15/- (Rs. 3.75/- paid on application and Rs. 11.25/- to be paid on additional call(s) as may be decided by the Board / Rights Issue Committee from time to time. 23/02/2024 was the date of allotment.