Shraddha Prime prices its ₹96.96 Cr rights issue at ₹160 — above the last close, record date October 15

Shraddha Prime Projects, a Mumbai redevelopment-focused residential real estate developer with a market cap of roughly ₹635 crore, has set the terms of a rights issue it first put in motion months ago: ₹96.96 crore, at ₹160 per share, with shareholders entitled to 3 new shares for every 20 held as on the October 15, 2026 record date. The board fixed the record date on October 1 and the company detailed the full terms in a press release filed on October 7. For holders of this ₹635 crore company, the decision window is short — the raise equals about 15% of the market cap, and entitlement is decided by who is on the register on October 15.

The pricing is the unusual part. At ₹160, the issue price sits above the October 8 close of ₹157.2 — rights issues are typically set below the market price to make the entitlement worth exercising. The comparison is not exact: the ₹144 application amount buys a partly paid share with ₹16 still to be called, so a rights share is not directly interchangeable with a fully paid share trading on the exchange. But if the stock stays below ₹160, the all-in cost of subscribing exceeds the market price — which makes the issue's subscription level, and particularly the promoters' participation, the thing to watch when the Letter of Offer arrives.

The 60,60,150 new shares are exactly 15% of the 4,04,01,000 shares outstanding, and the ₹96.96 crore raise is about 15.3% of the ₹635 crore market cap. The promoters held 74.78% (3,02,10,548 shares) as of June 30, 2026, with FII and DII holdings at nil — this is a register dominated by the promoter group and small public shareholders. By arithmetic, the promoters' proportionate 3-for-20 entitlement works out to roughly 45.3 lakh shares, about ₹72.5 crore of the ₹96.96 crore raise (₹65.3 crore of it payable on application). The filings in this period do not state whether the promoters intend to subscribe their full entitlement — that detail normally comes with the Letter of Offer.

This is a thinly traded stock: a majority of the last 60 sessions traded under 10,000 shares, and several under 1,000. Against that backdrop, October 5 — the first session after the board fixed the record date — stands out: the stock rose 7.7% to ₹166.9 on 25,173 shares, the second-heaviest volume of the 60-day window, behind the 42,582 shares traded on July 16. The move then faded through the week, and the stock closed at ₹157.2 on October 8, the first session after the press release spelled out the ₹160 price — a 3.6% fall that left the stock back below the issue price. The stock remains 39.3% below its 52-week adjusted high of ₹258.9 (November 17, 2025) and 12.4% above the 52-week low of ₹139.8 set on July 7, 2026.

The raise lands on top of a strong growth print. Q1 FY27 consolidated revenue of ₹133.58 crore was up 127.6% over the ₹58.70 crore of Q1 FY26, with net profit of ₹19.28 crore against ₹8.95 crore — more than double — at an operating margin of 18.3%. Summing the four FY26 quarters in the filings gives roughly ₹508 crore of consolidated revenue and ₹53 crore of net profit for the full year. Interest expense is small (₹0.39 crore in Q1 FY27), so this does not read as a deleveraging raise; the company frames it as liquidity for execution. The surrounding filings point the same way: on August 13 the board approved an increase in borrowing powers and the creation of security on company properties (subject to shareholder approval), and on August 19 the finance committee approved acquiring 91% of Atharva Ventures for up to ₹91,000 and 100% of Shraddha Life Spaces for up to ₹10.37 crore.