Zodiac-JRD-MKJ fixes ₹40 crore rights issue at ₹25 a share

Zodiac-JRD-MKJ Limited fixed a rights issue of up to ₹40 crore at ₹25 a share on November 4, 2026, offering 145 shares for every 100 held on the November 11 record date; full subscription would add 1,60,00,000 shares to its 1,09,75,625-share base.

What are Zodiac-JRD-MKJ's rights issue terms?

Zodiac-JRD-MKJ will offer up to 1,60,00,000 fully paid-up equity shares at ₹25 each, for a maximum issue size of ₹40 crore. Each share has a face value of ₹10, and the ₹25 issue price includes a premium of ₹15. Applicants must pay the entire ₹25 per rights share when they apply.

The board approved the issue terms and the letter of offer on November 4, 2026, after BSE Limited gave in-principle approval on November 3, 2026. Zodiac-JRD-MKJ had initially approved a rights issue of up to ₹40 crore on August 6, 2026, then said on August 12 that it would consider the specific terms after receiving the exchange approval.

The entitlement ratio is 145 fully paid-up equity shares for every 100 fully paid-up equity shares held on the November 11, 2026 record date. For example, a holder of 100 eligible shares will receive rights entitlements for 145 new shares, but must apply and pay ₹25 per share by the closing date to receive an allotment.

When must Zodiac-JRD-MKJ shareholders act on the issue?

Zodiac-JRD-MKJ has set Wednesday, November 11, 2026 as the record date, Thursday, November 19 as the issue opening date, and Thursday, December 3 as the scheduled closing date. Eligible shareholders are determined by their holdings on the record date, while applications require full payment of ₹25 per share by the issue close.

Rights entitlements will be credited before the November 19 opening to eligible holders' demat accounts under rights-entitlement International Securities Identification Number, or ISIN, INE077B20026. The existing equity shares carry ISIN INE077B01018, according to the November 4 filing.

On-market renunciation of rights entitlements ends on Monday, November 30, 2026, three calendar days before the scheduled close. The board or Rights Issue Committee can extend the issue period, but only up to 30 days from the November 19 opening date, inclusive. The filing does not state that any extension has been approved.

How could the Zodiac-JRD-MKJ issue change its share count?

Zodiac-JRD-MKJ could have up to 2,69,75,625 fully paid-up equity shares after the issue, compared with 1,09,75,625 before it, assuming full subscription. The maximum post-issue total is 1,60,00,000 shares higher than the pre-issue total, matching the number of rights shares offered.

The proposed increase is material because the 1,60,00,000 new shares are greater than the 1,09,75,625 shares outstanding before the issue. The company describes the 2,69,75,625 post-issue figure as subject to full subscription and finalisation of the basis of allotment, so it is a maximum rather than a confirmed final count.

The 145-for-100 entitlement is the allocation mechanism for shareholders recorded on November 11, 2026. A shareholder that takes up the entitlement pays ₹25 for each rights share; a holder that does not apply by December 3 will not receive shares for rights entitlements that lapse.

What can Zodiac-JRD-MKJ rights holders do with their entitlements?

Zodiac-JRD-MKJ rights holders can apply for the new shares, renounce rights entitlements in full or in part, or allow the entitlements to lapse after the December 3, 2026 closing date. A holder, including one who has acquired renounced rights entitlements, must make an application and pay the full ₹25 amount to receive an allotment.

Renunciation can occur through the stock exchange's secondary-market platform, known as on-market renunciation, or through an off-market transfer. The last day for on-market renunciation is November 30, 2026, while the company says off-market transfers must occur within the disclosed issue timelines.

National Securities Depositories Limited and Central Depository Services (India) Limited have arrangements with Zodiac-JRD-MKJ for crediting rights entitlements into demat accounts before the November 19 opening. The announcement states that the treatment of fractional and zero entitlements is contained in the letter of offer, without giving those details in the November 4 disclosure.

The filing does not state how many rights shares promoters, directors or other shareholders intend to subscribe for, nor does it specify the final allocation of unsubscribed shares. The board meeting that approved the terms began at 4:00 pm and ended at 5:10 pm on November 4, 2026.

Conclusion

Zodiac-JRD-MKJ has set a maximum ₹40 crore capital raise at ₹25 a share, with 145 rights shares offered for every 100 shares held on November 11, 2026. If fully subscribed and allotted, the 1,60,00,000 offered shares would lift its outstanding equity shares from 1,09,75,625 to as many as 2,69,75,625.

The next disclosed milestones are the November 19 issue opening, the November 30 deadline for on-market renunciation and the December 3 scheduled close. Shareholders should also watch whether the board or Rights Issue Committee extends the period within the permitted 30 days from November 19, and the final basis of allotment that will determine the actual post-issue share count.