Kshitij Polyline Limited Approves Revision in Rights Issue Following Board Meeting
The Board of Directors of Kshitij Polyline Limited approved significant revisions to its proposed Rights Issue. The approval was made during a meeting held on August 20, 2026, addressing the outcomes related to the company's ongoing capital raise.The Board formally revised the parameters of the Rights Issue. Initially planned for up to ₹ 2,933.74 Lakhs, the issue size has been reduced to 61,697,950 Rights Equity Shares, aggregating up to ₹ 1,955.83 Lakhs. The Issue Price set for the rights shares is ₹ 3.17 per share.
The company maintained that the Rights Entitlement will be two (2) Rights Equity Shares for every five (5) fully paid-up Equity Shares held as of the Record Date. Upon completion of the issue, the post-Issue paid up Equity Share Capital is expected to stand at 215,942,824 Equity Shares.
Purpose and Net Proceeds of Issue
In light of the reduction in the issue size, the Board approved a revised utilization plan for the proceeds. The funds are designated across several categories, resulting in a total estimated net proceeds for the issue.The allocation of the proceeds is detailed below:
| Purpose of Issue | Amount (Lakhs) |
|---|---|
| Repayment and/or prepayment of borrowings | ₹ 1,505.83 Lakhs |
| General Corporate Purposes | ₹ 400.00 Lakhs |
| Estimated Issue Expenses | ₹ 50.00 Lakhs |
| Net Proceeds | ₹ 1,905.83 Lakhs |
The Board of Directors also approved the Revised Letter of Offer and a Corrigendum to the Letter of Offer. These documents incorporate the necessary corrections and modifications arising from the revised Rights Issue structure and the confirmed Objects of the Issue.
KSHITIJPOL Stock Price Movement
Kshitij Polyline Limited shares slipped by 0.35% on Thursday, settling at ₹2.85 as trading closed for the day. The stock generated a total traded volume of 503,444 shares, which saw the equity range between a low of ₹2.80 and a high of ₹2.93.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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