Shares of IL&FS Transportation Networks moved higher by 7% to Rs 115-a-piece after the company announced an issue price at Rs 100 per share for the proposed rights issue. The company plans to mobilize about Rs 550 crore by issuing 52.4 million equity shares.
At a meeting of the company's board of directors held on Tuesday, March 4, it was decided to fix the issue price at Rs 100 per share of Rs 10 face value, IL&FS Transportation Networks said in a BSE filing.
The existing shareholders will be offered equity shares in the ratio of twenty seven (27) shares for every one hundred (100) equity shares held by them. The record date has been fixed as March 14.
The stock opened at Rs 108 and touched a high of Rs 116 on the BSE. A combined 110,000 shares have changed hands on the counter till early noon deals on the BSE and NSE.
At a meeting of the company's board of directors held on Tuesday, March 4, it was decided to fix the issue price at Rs 100 per share of Rs 10 face value, IL&FS Transportation Networks said in a BSE filing.
The existing shareholders will be offered equity shares in the ratio of twenty seven (27) shares for every one hundred (100) equity shares held by them. The record date has been fixed as March 14.
The stock opened at Rs 108 and touched a high of Rs 116 on the BSE. A combined 110,000 shares have changed hands on the counter till early noon deals on the BSE and NSE.