JMC Projects gets Sebi nod for rights issue

JMC Projects will issue equity shares aggregating up to Rs150 crore to existing shareholders on a rights basis

New Delhi: JMC Projects (India) Ltd has received the Securities and Exchange Board of India’s (Sebi) approval to raise up to 150 crore through a rights issue.

The company had filed its application with the Sebi for the proposed rights issue in September. Sebi issued its final observations on the draft offer documents on 22 December, according to the latest update by the market regulator.

Issuance of “observations" on offer documents by Sebi is considered as a clearance to the issuer to go ahead with the share issues through routes such as initial public offering, follow-on public offer, and rights issue.

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio. As per the draft papers, JMC Projects will issue equity shares aggregating up to 150 crore to existing shareholders on a rights basis.

Since the beginning of the year, a total of 11 companies have approached Sebi for raising funds through rights issue. In the same period, 13 firms received Sebi’s nod and some of these were pending for the last year. A total of 12,568 crore have been garnered through rights issue this year. PTI

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