Bajaj Hindusthan is trading nearly 4% higher at Rs 55.5 on the Bombay Stock Exchange (BSE) after the company fixed September 22 as the record date for its Rights Issue.
“The Board of Directors of the Company at its meeting held on September 12, 2011 approved Rs 36 per share as issue price and fixed September 22, 2011 as Record Date for the Purpose of deciding the shareholders who are eligible to apply for Equity Shares on Right basis in the proposed issue on Right Basis to the existing Shareholders of the Company,” the Mumbai-based company stated in a release to the exchanges.
“Further, the ratio of Rights Issue is 2 (two) new Equity Shares for every 1 (one) existing Equity Share,” the release added.
The stock opened at Rs 53.45 and touched a high of Rs 55.70 in intra-day deals. Around 90,802 shares have been traded till 1220 hours.