IP Rings hits new high ahead of rights issue

The stock hit a record high of Rs 284 in intra-day, rallied 42% in past seven trading sessions

IP Rings has moved higher to its record high of Rs 284, up 16% on the BSE in intra-day trade, ahead of the rights issue. The stock will turn ex-right on Monday, January 16, 2017.

The auto parts & equipment maker has fixed January 17, 2017 as the record date for the purpose of rights Issue.

The board of directors of the company at their meeting held on January 4, approved rights issue in the ratio of 4:5 i.e. four rights equity shares for every five shares held on a record date at a price of Rs 88.75 per share including the premium of Rs 78.75 per share.

Since then, the stock outperformed the market by surging 42% from Rs 200 on January 4, as compared to 2.3% rise in the S&P BSE Sensex.

At 11:26 am; it was up 9% at Rs 267 against a marginal 0.04% decline in the benchmark index. Around 67,000 shares have already changed hands on the BSE so far against an average 14,000 shares that were traded daily in past two weeks.