Salem Erode Investments Ltd. Supersedes Right Issue Approval, Announces Fresh Fund Raise
Salem Erode Investments Ltd. announced on Tuesday, March 24, 2026, that its Board of Directors has superseded the previous approval for a rights issue granted on April 4, 2025. The company has approved a fresh resolution to raise funds through the offer and issuance of fully paid-up equity shares with a face value of ₹ 1 each, for an amount not exceeding ₹ 2,293.11 Lakhs.The rights issue will be offered to eligible equity shareholders as on a record date to be determined and notified subsequently. The company clarified that the resolution does not represent a new or additional offer but a fresh approval for the previously intended issuance, with a change in issue size.
A Share Issue Committee has been formed to determine the issue price, rights entitlement ratio, record date, timing, and terms of payment for the rights issue. The committee comprises Mr. Kuzhuppilly Govinda Menon Anilkumar, Ms. Umadevi Anilkumar, Mr. Shinto Stanly, and Mr. Ambadath Aiyyappan Balan.
The Board meeting commenced at 4:00 PM and concluded at 5:45 PM. Further details related to the Rights Issue will be available on the company’s website at www.salemerode.com.
| Particulars | Details | |
|---|---|---|
| 1 | Type of securities proposed to be issued (viz. equity shares, convertibles etc.) | Fully paid-up Equity Shares of the face value of ₹1/ - each ('Equity Shares') |
| 2 | Type of Issuance (further public offering, rights issue, depository receipts (ADR/GDR), qualified institutions placement, preferential allotment etc.); | Rights Issue |
| 3 | Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) | Amount not exceeding ₹ 2,293.11 Lakhs, subject to applicable laws. The Share Issue Committee constituted to decide and finalize the issue price, no. of Equity Shares to be issued and other terms and conditions of the issue, including but not limiting to deciding the rights entitlement ratio, record date, timing, terms and schedule of payment etc. from time to time. |
| 4 | In case of preferential issue the listed entity shall disclose the following additional details to the stock exchange(s) | Not Applicable |
| 5 | In case of bonus issue the listed entity shall disclose the following additional details to the stock exchange(s) | Not Applicable |
| 6 | In case of issuance of depository receipts (ADR/GDR) or FCCB the listed entity shall disclose following additional details to the stock exchange(s): | Not Applicable |
| 7 | In case of issuance of debt securities or other nonconvertible securities the listed entity shall disclose following additional details to the stock exchange(s): | Not Applicable |
| 8 | Any cancellation or termination of proposal for issuance of securities including reasons thereof | Not Applicable |
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