Penny Stock Approves Fundraising of Rs 49.75 Cr On Right Issue Basis; Company Name?

On Monday, shares of real estate company Vipul Ltd locked in 5 per cent to an intraday high of Rs 20.55 per share from its previous closing of Rs 19.58 per share. The stock's 52-week high is Rs 53.01 and its 52-week low is Rs 15. The company has a market cap of over Rs 286 crores.

The Board considered the "Approval for raising of funds through issuance and allotment of equity shares having face value of Rs. 1.00/- (Rupee One Only) ('Equity Shares') for an aggregate amount not more than Rs. 49,75,00,000/- (Rupees Forty Nine Crore Seventy Five Lakh Only) on right issue basis, on such terms and conditions as may be decided by the Board of Directors of our Company to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently) subject to the receipt of applicable regulatory, statutory approvals, in accordance with the provisions of the Securities and Exchange Board of India," said Vipul Ltd in a stock exchange filing.

The Board established a "Rights Issue Committee" with Mr. Ajay Arjit Singh as the Chairman, Mr. Sanjay Sood as a Member, Mr. Rajeev Gupta as a Member, and Mr. Punit Beriwala as a Member. The Committee's members are authorised to designate a variety of intermediaries and determine the terms and conditions of the issue, including but not restricted to the final issue size/amount, rights entitlement ratio, issue price, record date, timing, approval of the draft letter of offer, and the appointment of intermediaries and legal counsel.

The appointment of Mrs Minaxi Manoj Pareek (DIN: 09769729) as a Non-Executive Independent Additional Director of the company with effect from December 10, 2024, has also been considered and approved by the Board of Directors of the Company, subject to shareholder approval. She will serve as a director who is not subject to retirement by rotation until the company's upcoming Annual General Meeting.

Additionally, the company confirms that no SEBI decision or other similar body prevents Mrs Minaxi Manoj Pareek from maintaining the position of director notwithstanding her appointment as a Non-Executive Independent Additional Director.

Owned by the reputable Vipul Group, Vipul Ltd. was founded in 1991 and is a prominent participant in the Indian real estate market. The firm works on residential, commercial, retail, lifestyle gated communities, integrated townships, and adaptable workplace developments. The firm has properties in Dharuhera, Gurugram, Faridabad, Bawal, Haryana, and Bhubaneswar, Odisha, as well as Ludhiana, Punjab.