Ratnaveer Precision Engineering’s INR 329.99 Crore Rights Issue Subscribed 1.11x; Allotment on September 10, Listing on September 15 — CCL Plant Progresses as Global Prices Surge

Business Wire India

Ratnaveer Precision Engineering Limited today announced that its INR 329.99 crore Rights Issue has closed with an overall subscription of 1.11x, reflecting [strong/steady] participation from eligible shareholders and Rights Entitlement (RE) holders.

The Rights Issue comprised 1,24,99,669 fully paid-up equity shares at INR 264 per share, in the ratio of 7 Rights Equity Shares for every 40 shares held as on the Record Date of August 26, 2026. Basis of allotment will be finalized on September 10, 2026, with shares credited to demat accounts and listing on the NSE and BSE on September 15, 2026. MUFG Intime India Private Limited is the Registrar to the Issue.

CCL Plant: Entering the Market at a Historic Price Inflection Point

The Rights Issue proceeds, along with a broader INR 650 crore funding package, are earmarked to support Ratnaveer's INR 472.34 crore Copper Clad Laminate (CCL) project in Vadodara — the company's strategic entry into the electronics materials value chain, beyond its core stainless steel business. The plant is roughly 60% complete, with commercial production targeted for November 2026, and machinery, technology partnerships and the core operating team are reported to be in place ahead of ramp-up. The project has received approvals under the Government of India's ECMS scheme and Gujarat's Electronics Policy.

Ratnaveer's timing coincides with one of the sharpest price cycles the global CCL industry has seen in years:

• Global CCL and prepreg prices have seen multiple rounds of price increases, reflecting tight supply and rising input costs.
• FR-4 laminate prices have risen sharply during 2026, indicating sustained pricing pressure across the industry.
• Global CCL industry revenues have recorded strong year-on-year growth, while improving gross margins point towards enhanced pricing power and industry profitability.
• Upstream inputs — electronic glass fabric, HVLP copper foil, and PPO resin — remain in tight supply, with several producers running fully booked capacity.
• A possible additional 7.5% U.S. tariff on Chinese electronics materials could add further cost pressure across the global supply chain.

For Ratnaveer, this pricing environment is a significant tailwind: CCL is a critical, high-value input in the PCB value chain, and India remains heavily import-dependent for it. Industry data suggests CCL prices have risen sharply over the past 12 months — while raw material costs are up a comparatively modest amount, a gap that could translate into substantial margin expansion and a meaningful boost to profitability once the plant ramps up.