Lawstreet Journal

Spencer’s Retail to raise Rs 80 crore via Rights Issue

Lawstreet Journal 6 Aug 2020 9:08pm

Image courtesy: Lawstreet Journal Business Spencer’s Retail to raise Rs 80 crore via Rights Issue

Spencer’s Ltd, the hypermarket chain from the stable of RP-SG Group, is going to launch its maiden share sale to the public in the first week of August with a Rs 80-crore rights issue.

Priced at Rs 75, which includes a Rs 70 premium on a share of the face value of Rs 5, the offering will be at a 17.7 percent discount to the closing price on August 6 on the NSE, where the scrip closed at Rs 91.15, up to Rs 2.20 or 2.47 percent.

The issue will close on August 18, company officials said.

The rights entitlement ratio is 2:15, which means the company is offering two rights shares for every 15 shares held.

A rights issue is an offer to existing holders to purchase additional shares at a discounted price and is issued in proportion to their existing holding.

Shareholders will be offered two shares for every 15 held in the company. Spencer’s became a publicly listed company in January 2019 following a three-way split of CESC Ltd, the flagship of RP-SG Group.

The promoters’ holding in the company stands at 54.70 percent. It became a part of the undivided RPG Group in 1989.

The main objective is to meet the enhanced working capital requirement of the chain which operates 191 stores in 42 cities with a trading area of 14.60 lakh square foot. It also offers an online platform to customers in 17 cities.

The company operates 191 retail stores of various formats in 42 cities, including Nature's Basket which it had acquired… Continue Reading...

Tagged: Spencer  
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