Sports production, promotion and management firm Toyam Sports Limited has announced its financial results for the quarter ended 30th September 2023. According to the company, its net income jumped to Rs 1.92 crore from Rs 1.40 crore in the June 2023 quarter.
The company’s net expenses reached Rs 0.52 crore in Q2FY24 compared to Rs 8.97 crore in Q2Y23 and Rs 1.80 crore in Q1FY24. Toyam Sports reported a standalone net profit of Rs 1.39 crore during the quarter under review as against a net loss of Rs 8.88 crore in the year-ago quarter.
Meanwhile, the company recently announced a fundraising plan to the tune of Rs 50 crore through the rights issue.
A rights issue is also a type of corporate event that allows a company’s existing shareholders to purchase extra shares in proportion to their existing holdings at a discount price. A rights issue is a way for companies to raise additional funds from their existing shareholders. It is also an opportunity for existing shareholders to increase their exposure to the stock at a discount price.
As per Section 73 of the Companies Act 1956, if a company does not receive the minimum subscription of 90 per cent of the issued amount on the date of closure of the issue, or if the subscription level falls below 90 per cent after the closure of the issue, the issuer should forthwith refund the entire subscription amount received.
Also, Toyam Sports Limited’s ‘Kumite 1 Warrior Hunt’ sports web series has been selected for the Kenya International Sports Film Festival (KISFF). According to the company, Kumite 1 Warrior Hunt is India’s first sports web series.
