Everything You Need to Know About the Coastal Corporation Ltd Rights Issue

Coastal Corporation Ltd. (COASTCORP) will issue Right Entitlements (RE’s) to anyone who holds its shares as of August 26, 2022 (record date). 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 Coastal Corporation 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 August 24, 2022. The ex-date is August 25, 2022.

Issue Details
Ex-Date August 25, 2022
Record Date August 26, 2022
RE Symbol COASTCORP-RE
Ratio 1:6
Issue Price ₹ 225
Issue Period September 12, 2022 to September 27, 2022
RE Trading Period Septmeber 12, 2022 to September 21, 2022
Tentative Date of Allotment October 6, 2022
Tentative Date of Listing October 14, 2022

This is a partly-paid issue, meaning you only have to make part payment at the time of application.

Amount payable per equity share Face Value Premium Total
On Application 2.5 53.75 56.25
One or more additional calls as may be decided by the company 7.5 161.25 168.75
Total 10 215 225

If you continue holding partly-paid shares of Coastal Corporation Ltd. when the company makes a call for the balance payment, you will be liable to pay the balance sum. If you have sold the partly-paid shares, the buyer will be liable to pay the sum.

How to apply for Coastal Corporation 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.



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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RIGHTS of partly paid share open from today 12 September and also RE trading at BSE …why RE are not traded at NSE ? it is suppose to be traded at both exchanges ?