Notice of right issue to the members of ICL Fincorp

28 August 2024

The company has decided to increase its financial resources by offering new shares through a rights issue. This additional investment will support new loan disbursements, expansion, and diversification activities. The equity infusion aims to achieve a better balance in the leverage ratio and improve the company's financial stability and flexibility by providing a cushion to statutory ratios.

Offer:

The Board of Directors approved a rights issue of 1,99,17,447 equity shares at Rs.25 each (face value of Rs.10 and premium of Rs.15) on a rights basis to the existing equity shareholders of the Company in the ratio of 2:5, i.e., 2 equity shares for every 5 fully paid-up equity shares held by the eligible equity shareholders. These shares are offered to shareholders whose names appear in the Register of Members of the Company as of August 23, 2024, the record date fixed by the Board of Directors. The issue is open for 7 days from September 01, 2024, until the closure of working hours, i.e., 5:00 p.m. on September 07, 2024.

The objective of the issue:

• ​For onward lending, financing, and for repayment/prepayment of principal and interest on existing borrowings of the Company.
  
• General corporate purposes.
  

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Schedule:

Record Date	23/08/2024
Date of offer	27/08/2024
Issue opens on	01/09/2024
Issue closes on	07/09/2024

 

The equity shares are being offered for subscription for cash to existing equity shareholders whose names appear as registered owners of the company as of 23.08.2024 (record date).