New Delhi: Animal healthcare solutions firm Ajooni Biotech on Tuesday opened its rights issue with an aim to raise Rs43.81 crore from existing shareholders. Ajooni Biotech will offer 8,76,13,721 fully paid-up equity shares of the face value of Rs2 each at a price of Rs5 per equity share aggregating to Rs43.81 crore, the company said in a statement. The issue will close on May 31.

Funds raised through the issue will be utilised to finance expenditure towards acquisition of land, site development and civil work, to acquire plant and machinery, part finance working capital requirement and corporate purposes, the company said. The rights entitlement ratio for the proposed issue is fixed at 1:1 (1 equity shares of face value of Rs2 each for every 1 equity share held) and the record date is May 7.