Rights Issue kya hai aur company existing shareholders ko naye shares kharidne ka offer kyu deti hai? Rights Issue mein kaun apply kar sakta hai, shares kaise milte hain aur Rights Issue aur FPO mein kya difference hai? Apne questions, experience aur views yahan share karein.
Rights Issue ek aisa tarika hai jisse ek listed company apne existing shareholders (purane investors) se naya paisa/fund jutati hai. General public ko offer dene ke bajaye, company sabse pehle apne purane investors ko naye shares kharidne ka mauka deti hai. Investors ko attract karne ke liye ye shares market price se discounted price (kam daam) par diye jaate hain.
Ye shares ek fixed ratio mein milte hain. Example ke liye, agar 1:4 ka Rights Issue hai, toh iska matlab hai ki aapke pas pehle se jo 4 shares hain, unpar aapko 1 naya share kharidne ka adhikar (right) milega.
Company existing shareholders ko hi ye offer kyu deti hai?
Company naye public investors ke paas jaane ke bajaye purane shareholders ko chunne ke peeche kuch bade reasons hote hain:
-
Kam kharcha aur tez process: Public offer (IPO/FPO) laane mein marketing, merchant bankers aur regulatory fees ka bahut bada kharcha hota hai. Rights Issue sasta aur jaldi poora hone wala process hai.
-
Ownership dilute nahi hoti: Agar purane investors apne rights ka use karke naye shares khareed lete hain, toh company mein unka percentage ownership waisa hi rehta hai, kam nahi hota.
-
Loyal investors ko reward: Kam daam par shares dekar company apne purane aur bharosemand investors ko ek fayda ya reward deti hai.
-
Debt kam karna ya business bada karna: Bina bank se high-interest loan liye, apna karza chukane ya naye projects start karne ke liye equity fund jutane ka ye sabse safe tarika hai.
Rights Issue mein kaun apply kar sakta hai?
Har koi isme apply nahi kar sakta. Aap tabhi eligible honge jab aapke paas Record Date ke din ya usse pehle company ke shares honge.
Record Date par company apne shareholders ki list check karti hai. Agar aap eligible hain, toh company temporary roop se aapke demat account mein Rights Entitlements (REs) credit kar deti hai. Ye REs ek tarah se aapka entry pass hote hain issue mein part lene ke liye.
Shares kaise milte hain? (Application Process)
Jab aapke demat account mein REs aa jaate hain, toh aapke paas 3 options hote hain:
-
Option 1: Apply karein (Exercise)
Aap apne bank ke Net Banking portal par ASBA (Application Supported by Blocked Amount) facility ke zariye online apply kar sakte hain. Share allotment ke baad naye shares seedhe aapke demat account mein aa jaate hain.
-
Option 2: REs ko bech dein (Renounce)
Agar aap aur paisa nahi lagana chahte, toh aap apne REs ko stock exchange par RE trading window ke dauran kisi aur ko cash ke badle bech sakte hain.
-
Option 3: Kuch mat karein (Lapse)
Agar aap na toh apply karte hain aur na hi REs ko bechte hain, toh issue close hote hi aapke REs expire (worthless) ho jaayenge. Isse aapko nuksan ho sakta hai kyunki ex-rights date ke baad share price waise bhi thoda drop hota hai.
Rights Issue aur FPO (Follow-on Public Offer) mein kya difference hai?
-
Target Audience: Rights Issue sirf existing shareholders ke liye hota hai jo Record Date tak shares hold karte hain. Jabki FPO poori general public ke liye khula hota hai—chahe aap naye investor hon ya purane.
-
Pricing: Rights Issue hamesha current market price se discount par milta hai. FPO ki pricing market price ke aas-paas hi ek price band ya cut-off price par set hoti hai.
-
Cost aur Speed: Rights Issue company ke liye kafi sasta aur quick hota hai. FPO bilkul IPO ki tarah bada event hota hai jisme heavy marketing aur high processing cost lagti hai.
-
Transferability: Rights Issue mein aap apne Rights Entitlement (RE) ko stock exchange par dusron ko bech (renounce) sakte hain. FPO mein aisa koi RE transfer option nahi hota, aapko normal IPO ki tarah directly bid karna hota hai.
Key Takeaways aur Views
-
Fund Use Check Karein: Sirf discount dekh kar blind investment mat karein. Pehle dekhein ki company is paise ka kya karegi. Agar company debt kam kar rahi hai ya business expansion kar rahi hai, toh ye achha sign hai. Lekin agar company daily operational losses ko cover karne ke liye paisa maang rahi hai, toh thoda savdhaan rahein.
-
REs ko bekaar mat hone dein: Agar aapko apply nahi karna hai, toh issue band hone se pehle apne REs ko stock market mein zaroor bech dein. Isse kam se kam aapko REs ki value ka cash refund mil jaayega aur free money waste nahi hoga.
Aapka is par kya view hai ya koi sawaal ho toh zaroor bataiye!