Kesoram Industries board approves preferential issue; stock dips 5%

The board has approved preferential issue of equity shares and convertible preference shares up to Rs 180 crore

Shares of Keosram Industries were down 4% at Rs 78 after the company's board of directors approved plan to raise up to Rs 180 crore through issue of equity shares and convertible preference shares.

The board has approved preferential issue of equity shares of face value of Rs 10 each of anount up to Rs 90 crore to promoter group firm Manav Investment and Trading Company, the company said in a release.

The board has also approved issue of optionally convertible preference shares of face value of Rs 100 each of an amount up to Rs 90 crore to IndusInd Bank Ltd, the release added.

The stock opened at Rs 82.60 and touched a low of Rs 77.70. At 11:25am, over 400,000 shares were traded on both the stock exchanges.