Everything You Need to Know About the Banas Finance Ltd. Rights Issue

Banas Finance Ltd. (BANASFN) will issue Right Entitlements (RE’s) to anyone who holds its shares as of June 24, 2022 (record date). These RE’s will be temporarily traded on the stock exchanges and will then be extinguished. You can either use the RE’s to apply for the rights shares of Banas Finance Ltd. or you can sell them in the market. You can check the announcement from the company here.

You will be eligible to receive Rights Entitlements (REs) if you have bought the shares on or before June 22, 2022. The ex-date is June 23, 2022.

Issue Details
Ex-Date June 23, 2022
Record Date June 24, 2022
Ratio 24:25
Issue Price ₹ 20
Issue Period July 5, 2022 to July 19, 2022
RE Trading Period July 5, 2022 to July 14, 2022
Tentative Date of Allotment July 28, 2022
Tentative Date of Listing August 2, 2022

How to apply for Banas Finance Ltd. Rights Issue?

Once you either receive the REs from the company or purchase them from the market, you can apply for the rights shares using Netbanking ASBA or offline by submitting a Application Form to the Designated Branch of the SCSB (Self Certificate Syndicate Bank). You can check the process in this post .

You will need to enter your demat account’s Beneficiary Owner ID which is a 16-digit number while applying for the rights issue.

The option to apply for rights shares through the RTAs portal is not available for this rights issue.

If you face any difficulties applying for the rights issue, you can get in touch with the RTA at [email protected] or at + 9191-91-22-23010771 /022-49614132

What will happen to my purchased holding of RE shares if I do not apply for the rights issue?

Your REs will lapse and you will lose the premium paid to acquire them. The RE will be in the form of temporary demat securities which will lapse if not renounced/exercised once the trading window is closed.

I don’t have the shares but bought REs, am I still eligible to apply for the rights issue?

In case you have bought REs but don’t have shares, you’re still eligible for the rights issue. You may apply for the rights shares either through the RTA’s portal or via net banking ASBA if your bank allows it. If you don’t take any action, and let the REs remain in your Zerodha account, they will lapse after the issue.

You can read more FAQ’s on Rights Issue and Rights Entitlements here.

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