The share price of Vipul Limited dropped more than 5 percent during Friday’s trading session following the company’s announcement of raising ₹3,10,00,000 by divesting 33.33 percent stake in Mudra Finance.
According to the exchange filing, the company entered into the agreement on January 9 and the expected date of completion is January 24.
“This is to inform you that the Company has entered into an agreement to disinvest its 33.33% stake in M/s. Mudra Finance Limited, an associate of the Company. Upon completion of the transaction, M/s. Mudra Finance Limited, an associate of the Company will cease to be associate of the Company,” the company said in the filing.
It further said, “amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division or undertaking or subsidiary or associate company of the listed entity during the last financial year is NIL. The amount of profit contributed by such associate company of the listed entity during the last financial year: Rs. 9,63,182/”.
Vipul Limited fundraising plans
Earlier this week, the company had announced fundraising of ₹49.75 crore on right issue basis. “The Board considered the “Approval for raising of funds through issuance and allotment of equity shares having face value of Rs. 1.00/- (Rupee One Only) (‘Equity Shares’) for an aggregate amount not more than Rs. 49,75,00,000/- (Rupees Forty Nine Crore Seventy Five Lakh Only) on right issue basis, on such terms and conditions as may be decided by the Board of Directors of our Company to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently) subject to the receipt of applicable regulatory, statutory approvals, in accordance with the provisions of the Securities and Exchange Board of India,” the company said in an exchange filing.
Vipul Ltd., established in 1991 and owned by the renowned Vipul Group, is a key player in the Indian real estate sector. The company specializes in residential, commercial, retail, lifestyle gated communities, integrated townships, and flexible workspaces. Its properties are located in Dharuhera, Gurugram, Faridabad, Bawal, Haryana, Bhubaneswar, Odisha, and Ludhiana, Punjab.
As per the shareholding pattern for the December 2024 quarter, Foreign Institutional Investors (FIIs) hold a 6.13 per cent stake in the real estate firm. The promoters own 20.33 per cent, while non-institutional investors control 70.89 per cent. Domestic Institutional Investors (DIIs) hold the remaining 2.65 per cent.
The microcap company has a market capitalization of ₹261.48 crore as of January 24, according to the BSE website.
