Banas Finance Rights Issue is scheduled on 13 – 30 May 2024.
Founded in 1983, Banas Finance is a Non-Banking Finance Company (NBFC) specializing in the business of purchasing, leasing, factoring, and financing hire-purchase agreements. Its services cover leasing of all types of equipment, including plants and machinery, motor vehicles, motor boats, trawlers, launches, ships, vessels, helicopters, aircraft, automobiles, computers, and other equipment.
The company offers financing to support business activities as investors and dealers in shares, stocks, and securities. It serves as a capitalist, financier, and concessionaire and engages in various financial, commercial, and trading operations (excluding banking and insurance business).
In FY 2023, the company swung to a loss of INR 54.76 crore, compared to a profit after tax of INR 69.37 crore in the preceding fiscal year.
Promoters of Banas Finance – Girraj Kishor Agrawal, Tanu Giriraj Agarwal, Handful Investrade Private Limited, and Agarwal Bullion Limited
Table of Contents
Banas Finance Rights Issue Details
| Banas Finance Rights Issue Date | 13 – 30 May 2024 |
| Banas Finance Rights Issue Price | INR 10 per share |
| Issue Size (in Shares) | 48,046,232 shares |
| Issue Size (in INR) | INR 48.05 crore |
| Issue Entitlement | 1 equity share for every 1 equity share held on the record date |
| Terms of Payment | Fully payable at the time of application |
| Banas Finance Rights Issue Record Date | 26 April 2024 |
| Face Value | INR 10 per share |
| Listing On | BSE |
Banas Finance Rights Offer Calculation
| Banas Finance Rights Issue Price | INR 10 per share |
| Market Price on Rights Issue Approval | INR 13 per share |
| Dilution Factor (X) | 2 |
| Fair Value After Dilution at Prevailing Price | INR 11.50 per share |
Banas Finance Financial Performance
| Â | FY 2021 | FY 2022 | FY 2023 |
| Revenue | 14.47 | 100.95 | 20.88 |
| Expenses | 4.92 | 9.31 | 120.57 |
| Net income | 11.22 | 69.37 | (54.76) |
| Margin (%) | 77.54 | 68.72 | (262.26) |
Banas Finance Rights Offer Objectives
The net proceeds from the offer are proposed to be used for
- Toward working capital requirements include:
- Short-Term and Long-Term Unsecured/Secured Loans & Advances to Corporate and Non-Corporate Customers
- Investment and dealing in Shares & Securities, Mutual Funds, Debt Funds, Liquid Funds, G-sec, Fixed Deposits, Commodity Markets and Currency Markets.
- General corporate purposes.
- To meet Issue-related expenses.
Banas Finance Rights Offer Documents
- Banas Finance Application Form
- Banas Finance Letter of Offer
- Board Meeting Outcome
- Rights Issue in 2024
Banas Finance Rights Issue Dates
| Rights Issue Approval Date | 18 April 2024 |
| Rights Issue Record Date | 26 April 2024 |
| Credit of Rights Entitlement | 6 May 2024 |
| Rights Issue Opening Date | 13 May 2024 |
| Last Date for Market Renunciation | 17 May 2024 |
| Rights Issue Closing Date | 30 May 2024 |
| Finalization of Basis of Allotment | 10 June 2024 |
| Rights Allotment Date | 11 June 2024 |
| Credit Date | 13 June 2024 |
| Listing Date | 14 June 2024 |
Banas Finance Rights Issue Registrar
PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED
Unit No. 9, Ground Floor, Shiv Shakti Industrial Estate,
J. R. Boricha Marg, Lower Parel (East), Mumbai – 400011
Phone:Â 91-22-49614132/ 022- 352200566761
Email:Â [email protected]
Website: www.purvashare.com
Banas Finance Contact Details
BANAS FINANCE LIMITED
E-109, Crystal Plaza, New Link Road,
Opp. Infinity Mall, Andheri (W) – 400 053
Phone:Â +9152096140/41
Email:Â [email protected]
Website:Â www.banasfinance.wordpress.com
Banas Finance Rights Offer FAQs
What is Banas Finance Rights Issue price?
The issue price is INR 10 per share.
What is the Banas Finance Rights Issue entitlement ratio?
The eligible shareholders are offered 1 Equity Shares for every 1 Equity Shares held on the record date.
What is the Banas Finance Rights Issue Record Date?
The Record date is 26 April 2024.
How to Apply in Banas Finance Rights Offer?
The best way to apply in Banas Finance Rights Offer is through Internet banking ASBA. You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an application Form form and deposit the same to your broker.
