Kshitij Polyline Updates Proposed Rights Issue, Releasing Corrigendum with Revised Share Count and Issue Proceeds
Kshitij Polyline Limited has issued a Corrigendum to its Letter of Offer regarding a proposed Rights Issue, incorporating several consequential revisions related to the share offering structure. The updates address previous typographical errors and ensure accurate representation of the intended capital raise.The revised rights issue aims to offer 61,697,950 Rights Equity Shares at an Issue Price of ₹3.17 per Right Equity Share. This issuance aggregates up to ₹1,955.83 Lakhs. The entitlement ratio remains fixed at two Rights Equity Shares for every five fully paid-up Equity Shares held by eligible shareholders as of the Record Date.
The Corrigendum details that the Issue Size was revised and updated across various disclosures in the original Letter of Offer dated August 18, 2026. Key changes include the revision of the last date for the credit of rights entitlements to Monday, August 24, 2026.
Financial Structure and Fund Utilization Details
The revisions cover several material aspects of the proposed capital raise, including the total number of shares offered, post-Issue paid-up share capital projections, and allocation towards the Objects of the Issue.| Financial Metric | Original Figure (Reference) | Revised Corrigendum Figure |
|---|---|---|
| Total Rights Equity Shares Offered | 92,546,925 | 61,697,950 |
| Aggregate Issue Size | ₹2,933.74 Lakhs | Up to ₹1,955.83 Lakhs |
| Post-Issue Equity Shares (Assuming Full Subscription) | 246,791,799 | 215,942,824 |
The funds raised from the Issue are designated for specific purposes as detailed in the Corrigendum:
- Gross proceeds from the Issue: ₹1,955.83
- Net Proceeds: ₹1,905.83
The company plans to allocate the Net Proceeds towards repayment of borrowings and general corporate needs. The utilization details are summarized below:
| Purpose | Amount Funded (₹ Lakhs) | Share of Total Estimated Issue Expenses (%) |
|---|---|---|
| Repayment/Prepayment of Borrowings | 1,505.83 | 76.94% |
| General Corporate Purposes | 400.00 | 23.06% |
| Net Proceeds Allocation | 1,905.83 | 100.00% |
Estimated Issue Expenses Breakdown
The Corrigendum provides a detailed look at the estimated issue expenses, which total ₹50 Lakhs (or 2.55% of the total estimated Issue Size).| Expense Activity | Estimated Amount (₹ lakhs) | % of Total Estimated Issue Expenses |
|---|---|---|
| Repayment and/or Prepayment of Borrowings | 1,505.83 | 3011.67%* |
| General Corporate Purposes | 400.00 | 80.00% |
| Net Proceeds (Net funding allocated) | 1,905.83 | 3811.67%* |
| Brokerage and Fees to Registrar | 4.00 | 8.00% |
| Legal Advisors and Professional Services | 20.00 | 40.00% |
| Advertising and Marketing Expenses | 3.00 | 6.00% |
| Statutory Regulatory Fees (including Exchanges) | 17.00 | 34.00% |
Note: The figures above represent the total financial allocation within the Corrigendum, where the specific expense table provided in the source material shows Brokerage and Fees at ₹4.00 Lakhs, while the overall utilization of Net Proceeds is detailed separately.
The issue was resolved by the company's Board on August 13, 2026, and subsequently confirmed on August 20, 2026. The Issue Price was determined prior to the determination of the Record Date, which is set as Wednesday, August 19, 2026.
KSHITIJPOL Stock Price Movement
Kshitij Polyline Limited shares slipped by 0.35% to settle on Thursday at ₹2.85. The stock finished trading amidst tight volatility, recording a total traded volume of 503,444 shares during the session.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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