7NR Retail Ltd’s Rs. 16.33 crores Rights Issue to open on September 6

Rights Issue priced at Rs. 1.4 per share – 16.5% discount to share price on 2 Sep; Rights Issue opens on September 6 and closes on September 20

Ahmedabad, September 3: Makers of a leading Kids wear Brand ‘Gini & Jony’, Ahmedabad-based 7NR Retail Ltd, engaged in the business of trading of fabrics and apparel in the wholesale and retail segment, is scheduled to open its Rs. 16.33 crore rights issue on September 6, 2022. The funds raised through the issue will be utilised to meet the working capital requirements required to fund the company’s expansion plans, meeting working capital requirements and for general corporate purposes. The Right issue is offered at a price of Rs. 1.4 per share – 16.5% discount to share price of Rs. 1.68 per share on September 2 on BSE. Rights Issue closes on September 20, 2022.

The Company will issue 11,66,95,000 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 1.4 per Equity Share aggregating to Rs. 16.34 crore on a rights basis to eligible equity shareholders in the ratio of 1:1 (1 Equity Shares for every 1 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as on the record date). The last date for On-market Renunciation of Rights Entitlements is September 15, 2022.

Commenting on the development, Mr. Tarachand Gangasahay Agrawal, Managing Director, 7NR Retail Ltd, said, “Company has taken important strategic initiatives in the recent past with a focus to expand the product line, adding more channel partners etc. Our Company has started 2 new units in Ahmedabad at Vatva and Motera in the Segment of Retail Stores of Furniture, Garments and other products. The company has a mission to develop the franchisee in different cities of India, focusing more on Tier I and Tier II cities for expansion and to deliver superior quality to value to our customers, shareholders, employees and society at large. Proceeds of the issue will further strengthen the company’s balance sheet and help fund its strategic growth initiatives.”