{"id":49540,"date":"2024-05-06T12:23:57","date_gmt":"2024-05-06T06:53:57","guid":{"rendered":"https:\/\/newswireindia.in\/index.php\/2024\/05\/06\/ashapuri-gold-ornament-ltds-rs-48-75-crores-rights-opens-on-may-8-2024\/"},"modified":"2024-05-06T12:23:57","modified_gmt":"2024-05-06T06:53:57","slug":"ashapuri-gold-ornament-ltds-rs-48-75-crores-rights-opens-on-may-8-2024","status":"publish","type":"post","link":"https:\/\/newswireindia.in\/index.php\/2024\/05\/06\/ashapuri-gold-ornament-ltds-rs-48-75-crores-rights-opens-on-may-8-2024\/","title":{"rendered":"Ashapuri Gold Ornament Ltd\u2019s Rs. 48.75 crores Rights opens on May 8, 2024"},"content":{"rendered":"<div>\n<p><strong>Ahmedabad (Gujarat) [India], May 6: \u00a0<\/strong><a href=\"https:\/\/ashapurigold.com\/\" target=\"_blank\" rel=\"noopener\">Ashapuri Gold Ornament Ltd<\/a> (BSE \u2013 AGOL \u2013 542579) \u2013 one of the prominent manufacturers and wholesalers of gold jewellery is schedule to open its Rs 48.75 crore rights issue on <strong>May 08, 2024<\/strong>. The funds raised through the issue will be utilised to meet the working capital requirements to fund company\u2019s expansion plans, entering new geographies and for general corporate purposes. Right issue of the company are offered at a price of Rs. 5.85 per share \u2013 57.45% discount to closing share price on 3<sup>rd<\/sup> May, 2024. Rights Issue closes on <strong>27<sup>th<\/sup> May, 2024<\/strong>.<\/p>\n<p><strong>Issue Highlights:<\/strong><\/p>\n<ul>\n<li>The company will issue 8.33 crore fully-paid equity shares at an issue price of Rs. 5.85 per share<\/li>\n<li>Shares in Rights issue priced attractively at Rs. 5.85 per share \u2013 57.45% discount to closing share price on 3 May 2024; Rights Issue will close on May 27, 2024<\/li>\n<li>Right Issue funds will be utilised to meet the working capital requirements, fund company\u2019s expansion plans, entering new geographies and for general corporate purpose<\/li>\n<li>The rights entitlement ratio for the proposed rights issue is 1:3, 1 rights equity shares of Rs. 1 each for every 3 equity shares of Rs. 1 each held by the eligible equity shareholders<\/li>\n<\/ul>\n<p><strong>Ashapuri Gold Ornament Ltd<\/strong><\/p>\n<p>(A Leading Jewellery Manufacturer of Antique Gold Jewellery)\u00a0<\/p>\n<p>The Company will issue 8,33,28,666 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 5.85 per Equity Share (including a premium of Rs. 4.85 per Equity Share) aggregating to Rs. 48.75 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:3 (1 equity shares of face value of Rs. 1 each for every 3 equity shares of Rs. 1 each held by the equity shareholders on the record date \u2013 April 18, 2024). The last date for On-market Renunciation of Rights Entitlements is <strong>21<sup>st<\/sup> May, 2024<\/strong>.<\/p>\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"http:\/\/newswireindia.in\/wp-content\/uploads\/2024\/05\/Image-2-9.jpg\" alt=\"\" class=\"wp-image-27496\"><\/figure>\n<p><strong>Commenting on the development, Dinesh Kumar Soni, Managing Director, Ashapuri Gold Ornament Ltd<\/strong> said, \u201cCompany has taken important strategic initiatives in the recent past with a focus to expand production capacities, launching new product lines and collections for different markets. Our long-term focus continues to be investing in team Development, participating In India\u2019s largest B2B exhibitions, Proceeds of the issue will further strengthen company\u2019s balance sheet and help fund its expansion plans and strategic growth initiatives.\u201d\u00a0<\/p>\n<p>Company\u2019s Board of directors on April 10, 2024 approved the issuance of equity shares by way of a rights issue to eligible equity shareholders for an amount not exceeding Rs 48.75 crore. Post the rights issue, total outstanding shares of the company should increase to 33,33,14,666 equity shares from 24,99,86,000 equity shares prior to the rights issue.<\/p>\n<p>Ashapuri Gold Ornament Limited, one of the leading manufacturers and wholesalers of gold Ornament has been in the business for over 28 years and has been a trailblazer in the gold jewellery industry. With a manufacturing unit spanning 14,000 square feet in Ahmedabad and a branch office in Bangalore.<\/p>\n<p>Company offers a range of collections catering to various customer segments. Company has three Collections named \u201cMaayin\u201d, \u201cKaavis\u201d &amp; \u201cArzish\u201d which caters to diverse customer segments from high end to mid-markets and value market segment. The company\u2019s product range includes Necklace, Bangles, Bridal Jewellery, and Choker.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"http:\/\/newswireindia.in\/wp-content\/uploads\/2024\/05\/Image-3-4.jpg\" alt=\"\" class=\"wp-image-27497\"><\/figure>\n<p>The company has factory premises of <strong>14,000<\/strong> square feet and corporate house at CG Road, Ahmedabad. The factory employs more than <strong>200 <\/strong>artisans (jewellery artisans) and has a capacity of 400 artisans. Company\u2019s prestigious clientele includes India\u2019s Big Corporate Giants like, Titan Company limited \u2013 Tanishq, Malabar Gold, Kalyan Jewellers, Senco Gold Limited and many others.<\/p>\n<p>For FY 24, Company reported sales of Rs. 165.06 crore \u2013 a growth of 4.46 per cent as against sales of Rs 158 crore in FY23, EBITDA grew 165 per cent to Rs 9.62 crore in FY23, Net Profit registered 317 per cent rise during FY23 to Rs 7.42 crore. Company has achieved strong CAGR of 6.48 per cent in Sales and 74 per cent in Net Profit during the last 5 years with an improving return ratio.<\/p>\n<p>Promoter Group holding in the company is 64.08 per cent as on 31<sup>st<\/sup> March, 2024. Company came up with its IPO on the BSE SME platform in March 2019 &amp; migrated to the main board of BSE in July 16, 2021. On 18 July 2023, there has been a stock split from Rs. 10 per equity share to Rs 1 per equity share.<\/p>\n<p><strong>Robust Financial Performance over the last 5 years<\/strong><\/p>\n<p>Company has reported robust financial performance over the last 5 years. Sales has grew at a CAGR of 6.48 per cent to Rs 165 crore in FY24 from Rs 120 crore in FY20. Net Profit too have maintain strong 74 per cent plus CAGR during 5 years from FY20 to FY24.<\/p>\n<p><em>If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ahmedabad (Gujarat) [India], May 6: \u00a0Ashapuri Gold Ornament Ltd (BSE \u2013 AGOL \u2013 542579) \u2013 one of the prominent manufacturers and wholesalers of gold jewellery is schedule to open its Rs 48.75 crore rights issue on May 08, 2024. The funds raised through the issue will be utilised to meet the working capital requirements to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":49541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[638],"tags":[637],"class_list":["post-49540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-finance"],"_links":{"self":[{"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/posts\/49540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/comments?post=49540"}],"version-history":[{"count":0,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/posts\/49540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/media\/49541"}],"wp:attachment":[{"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/media?parent=49540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/categories?post=49540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswireindia.in\/index.php\/wp-json\/wp\/v2\/tags?post=49540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}