Ironwood fixes Rs 41 rights issue, seeks up to Rs 24 crore

Ironwood Education Limited fixed a Rs 41 fully paid rights issue on November 12, 2026, seeking up to Rs 24 crore through 57,05,412 equity shares, assuming full subscription. Ironwood set a 34-for-100 entitlement for holders on the November 18, 2026 record date and proposes full payment on application.

What are Ironwood's rights issue terms?

Ironwood will issue up to 57,05,412 fully paid equity shares at Rs 41 each, including a face value of Rs 10 and a premium of Rs 31 per share. At full subscription, the company said the issue would raise up to Rs 24 crore, with the board approving and fixing the terms at its November 12, 2026 meeting.

The offer is a rights issue of equity shares rather than a public issue. Ironwood described the Rs 24 crore amount as an aggregate of up to that value and expressly based it on full subscription of the 57,05,412 shares. The filing does not state the intended use of proceeds from the proposed issue.

Ironwood's November 12 board meeting also approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. However, the rights-issue terms in the announcement provide no financial-result figures and do not state a connection between the September 2026 results and the proposed Rs 24 crore fundraising.

Who can receive Ironwood's rights entitlement?

Ironwood will provide 34 rights equity shares for every 100 existing fully paid equity shares held by eligible shareholders on Wednesday, November 18, 2026. The 34:100 ratio applies to holdings on that record date, which Ironwood designated to determine shareholders entitled to receive the rights entitlement.

The ratio represents 34 offered shares for every 100 shares held on the record date. Ironwood said fractional entitlements will be ignored, in line with Securities and Exchange Board of India rights-issue circulars. The announcement does not disclose an alternative allocation, payment or other treatment for fractional results.

Ironwood expects rights entitlements to be credited before the issue opens on November 25, 2026. The company listed Friday, November 20, 2026 as the last date for that credit, which will be made to eligible holders' respective demat accounts under the new rights-entitlement International Securities Identification Number, or ISIN, INE791H20011.

The record-date mechanism differs from the subscription timetable. November 18 determines the eligible shareholder base, while November 25 is the scheduled opening date for the offer. This leaves seven calendar days between the record date and the opening date, with the announced rights-entitlement credit deadline falling on November 20.

When can Ironwood shareholders apply or renounce rights?

Ironwood's rights issue is scheduled to open on Wednesday, November 25, 2026 and close on Friday, December 4, 2026. The announced subscription period therefore runs for 10 calendar days, while rights entitlement is based on the November 18 record date.

Ironwood set Tuesday, December 1, 2026 as the last date for on-market renunciation of rights entitlement. The deadline for off-market renunciation is Thursday, December 3, 2026, one day before the stated issue closing date of December 4.

Ironwood's board may extend the issue period, but the filing says the issue cannot remain open for more than 30 days from the opening date, including November 25. The December 4 closing date is the announced timetable, while any extension would remain subject to that 30-day limit.

How much must be paid for Ironwood's rights shares?

Ironwood proposes to collect 100% of the Rs 41 issue price when an application is made. Each rights equity share therefore requires Rs 41 at the application stage, comprising Rs 10 face value and Rs 31 premium.

The proposed payment structure is fully paid rather than partly paid. Ironwood has not set out later call dates because management proposes the entire Rs 41 subscription amount on application. The maximum issue amount of Rs 24 crore depends on full subscription to all 57,05,412 shares at that price.

Ironwood also stated that an applicant cannot withdraw an application after the December 4, 2026 issue closing date. The filing does not disclose an underwriting arrangement, promoter participation, oversubscription process or minimum subscription outcome for the Rs 24 crore offer.

The board adopted and approved the Letter of Offer and other issue-related documents on November 12, 2026. Ironwood said those documents will be filed with BSE Limited and the Securities and Exchange Board of India, and dispatched in due course to eligible equity shareholders identified on the November 18 record date.

What is Ironwood's schedule after the issue closes?

Ironwood has scheduled finalisation of the basis of allotment for Monday, December 7, 2026, following the planned December 4 closing date. The company has also listed December 7 as the date of allotment, qualified in the filing as being on or about that date.

Credit of rights equity shares is scheduled on or about Tuesday, December 8, 2026. Listing is likewise scheduled on or about December 8, placing both steps one day after the announced December 7 allotment date.

These dates are identified as tentative in Ironwood's issue schedule. Any board-approved extension to the subscription period could affect the stated sequence after the December 4 closing date, although the announcement does not specify revised dates under that scenario.

Ironwood's timetable separates the rights-entitlement credit from credit of allotted equity shares. Rights entitlement is expected before the November 25 opening and by November 20, while rights equity shares are scheduled for credit on or about December 8 after the basis of allotment is finalised.

Conclusion

Ironwood has moved its rights issue to fixed commercial terms of up to Rs 24 crore, with 57,05,412 fully paid shares priced at Rs 41 each. The November 18 record date, 34-for-100 entitlement ratio and requirement for full application-stage payment establish the key mechanics for eligible shareholders.

The next disclosed milestones are the November 20 rights-entitlement credit deadline, the November 25 issue opening and the December 4 closing date. Ironwood's Letter of Offer is the next document to watch because the company says it will contain other issue terms, followed by the tentative December 7 allotment and December 8 credit and listing schedule.