Mittal Life Style Limited (MITTAL) has announced a rights issue of 1.49 crore equity shares aggregating up to Rs. 14.93 crore. The rights issue opens for subscription on February 22, 2023, and will close on March 03, 2023.
Anyone who holds shares of Mittal Life Style Limited as of February 13, 2023 (record date) will be eligible for receiving Rights Entitlements (REs). You can check the announcement from the company here.
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 Mittal Life Style Limited or you can sell them in the market.
You will be eligible for Rights Entitlements (REs) if you have bought the shares on or before February 10, 2023. The ex-date is February 13, 2023.
Rights Issue Details
| Issue Period | February 22, 2023 - March 03, 2023 |
| RE Trading Period | February 22, 2023 - February 27, 2023 |
| RE Symbol | MITTAL-RE |
| Issue Price | Rs. 10 |
| Ratio | 1:1 |
| Ex-date | February 13, 2023 |
| Record Date | February 13, 2023 |
| Tentative Date of Allotment for rights shares | To be announced |
| Tentative Date of Listing for rights shares | To be announced |
How to apply for Mittal Life Style Limited 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;
- Online via Netbanking ASBA
- Offline by submitting the Application Form to the nearest branch of SCSB (Self Certified Syndicate Bank)
You can check the application process here.
You will need to enter your Demat account’s Beneficiary Owner IDwhich 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 reach out to the RTA at [email protected] or at 022 – 6263 8200/22.
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.