Everything you need to know about the Bhakti Gems and Jewellery Ltd. rights issue

Bhakti Gems and Jewellery Ltd. (BGJL) has announced a rights issue of 50,13,173 equity shares aggregating up to Rs. 6.01 crores. The rights issue opens for subscription on June 9, 2023 and closes on June 20, 2023.

Anyone who holds shares of Bhakti Gems and Jewellery Ltd. as of May 31, 2023 (record date) will be eligible for receiving Rights Entitlements (REs). These REs will be temporarily traded on the stock exchanges and will then be extinguished. You can either use the REs to apply for the rights shares of the company or you can sell them in the market.

You can check the announcement from the company here.

You will be eligible for receiving Rights Entitlements (REs) if you’ve bought the shares on or before May 30, 2023. The ex-date is May 31, 2023.

Rights issue details

Issue Period June 9, 2023 - June 20, 2023
RE Trading Period June 9, 2023 - June 15, 2023
Issue Price Rs. 12 per share
Ratio 1:2
Ex-date May 31, 2023
Record Date May 31, 2023
Tentative Date of Allotment for rights shares June 23, 2023
Tentative Date of Credit of rights shares June 26, 2023
Tentative Date of Listing for rights shares June 27, 2023

How to apply for Bhakti Gems and Jewellery 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 the below methods;

You can check the application process here.

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.

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.


Can’t find Bhakti Gems Right issue in bank of Maharashtra ASBA section

The bank must not be allowing applications for this rights issue. If you have another bank account which is in your name, and is allowing to make application, you can apply from there. The bank need not be linked to your trading, it just has to be in your name.

If not then only option is to make an offline application and submit it to nearest branch of SCSB.