GTT Data Solutions Limited (formerly known as Cinerad Communications Limited) has announced the approval of a rights issue by its Rights Issue Committee. This strategic initiative aims to raise ₹49.82 crore, offering partly paid-up equity shares to its existing shareholders.

Here are the key highlights of the announcement:

Rights Issue Overview

1. Type of Securities:
   The company will issue partly paid-up equity shares with a face value of ₹10 each.

2. Issue Size:
   The rights issue will consist of 1,91,61,915 equity shares, aggregating up to ₹4,982.10 lakhs (₹49.82 crore), assuming full subscription.

3. Issue Price:
   Each share is priced at ₹26, which includes a premium of ₹16 over the face value of ₹10.

4. Payment Terms:

   • On application: ₹6.50 per share (₹2.50 face value + ₹4.00 premium).
   • On the first and final call: ₹19.50 per share (₹7.50 face value + ₹12.00 premium).

Shareholder Entitlement and Record Date

1. Entitlement Ratio:
   Shareholders will be eligible to subscribe to 1 partly paid-up equity share for every 1 fully paid-up equity share held as of the record date.

2. Renunciation Rights:
   Eligible shareholders will have the option to renounce their rights entitlement.

3. Record Date:
   The company will announce the record date and the ISIN for rights entitlements shortly.

Impact on Equity Structure

• Pre-Issue:
  The company currently has 1,91,61,915 fully paid-up equity shares of ₹10 each.
• Post-Issue:
  Assuming full subscription, the company will have an additional 1,91,61,915 partly paid-up equity shares, doubling its outstanding equity shares.

Next Steps and Shareholder Information

The detailed terms and procedure for applying to the rights issue will be included in the Letter of Offer, which the company plans to file with the Securities and Exchange Board of India (SEBI) and BSE Limited.

For further details, shareholders can visit the company’s official website at https://gttdata.ai/.

About GTT Data Solutions Limited

GTT Data Solutions Limited, formerly known as Cinerad Communications Limited, is focused on delivering advanced solutions in the tech and data sectors. The rights issue represents a significant step in enhancing shareholder value and funding future growth initiatives.

Conclusion

This rights issue marks a pivotal moment for GTT Data Solutions as it continues to strengthen its equity base and deliver value to its shareholders. With a well-structured payment plan and opportunities for renunciation, this initiative is designed to be shareholder-friendly while driving the company’s growth trajectory.

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