IP Rings zooms 20% as board approves rights issue

The board approved rights issue in the ratio of 4:5 at a price of Rs 88.75 per share.

IP Rings is locked in upper circuit of 20% at Rs 240, also its record high on the BSE, after its board approved rights issue in the ratio of 4:5 at offer price of Rs 88.75 per share.

IP Rings announced that at the meeting of the board of directors of the company held on Wednesday, January 4, 2017 it has been decided to issue equity shares on rights basis 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.

The auto parts & equipment maker has fixed January 16, 2017 as a record date for the purpose of ascertaining the eligibility of shareholders for issuance of rights shares.

Till 09:50 am; around 28,000 shares changed hands on the counter against an average 2,500 shares that were traded daily in past two weeks on the BSE. There were pending buy orders for 23,273 shares.