The issue is priced at Rs 80 per share.
Aurum PropTech has approved raising up to Rs 343.56 crore through a rights issue. The company will issue 3 equity shares for every 2 shares held by the eligible shareholders as on the record date to be announced later.
The rights issue will be priced at Rs 80 per share, the company said in a regulatory filing. The rights issue price is at 45% discount to the stock's closing price of Rs 145.35 on Friday.
The promoter and promoter group of the company have confirmed they will subscribe to the full extent of their aggregate rights entitlement. In addition, they will also subscribe to all the unsubscribed shares in the issue.
In a separate announcement, Aurum PropTech said that its board has approved the acquisition to effectively hold 51% of the share capital of Singapore-based Monk Tech Labs ('TheHouseMonk') for an aggregate cash consideration of $2 million.
TheHouseMonk is a B2B SaaS company focussed on rental management in real estate. It helps property managers and landlords monetize, maintain and manage their rental portfolio. The company achieves this by bringing owners, managers and tenants of rental properties onto the same technology platform and allows them to collaborate for all use cases. Its turnover as on 30 September 2021 stood at $1,02,448.58.
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Aurum PropTech said the investment is in line with its strategy to create an integrated digital and technology ecosystem focused on complete value chain of real estate.
Aurum's board has approved a mix of debt and equity infusion of $5 million in TheHouseMonk.
TheHouseMonk plans to deploy these funds to fuel its expansion into Europe and US, as well as consolidate its position in Asia, which serves as its core market today. It also plans to hire aggressively into its tech team to build advanced AI/ML (artificial intelligence/machine learning) capabilities, and to strengthen its overall product portfolio.
On a consolidated basis, Aurum Proptech reported net loss of Rs 1.36 crore in Q2 September 2021 as against net profit of Rs 2341.99 crore in Q2 September 2020. Net sales declined 96.23% to Rs 0.08 crore in Q2 September 2021 over Q2 September 2020.
Aurum PropTech aims to bring transparency, trust and digital transformation in real estate sector by creating an integrated proptech ecosystem covering customer digital journey, property and asset management, development, investment and financing of assets.
Shares of Aurum PropTech hit a lower circuit limit of 5% to settle at Rs 145.35 on the BSE.
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