Vishal Fabrics fixes March 3 as record date for rights issue

Vishal Fabrics has fixed March 3 as the record date to ascertain the eligible shareholders for applying for the rights issue of equity shares aggregating to Rs 87.82 crore.
Under rights issue, shares are offered at a special price by a company to its existing shareholders in proportion to their holding of old shares. It will enable conversion of unsecured loans of the promoters into equity shares of the company.
In a regulatory filing, Vishal Fabrics said it has fixed "March 3, 2017 as the record date for the purpose of rights issue to ascertain the eligible shareholders for offer of rights under the proposed rights issue of the company".

It entails the issue of 87,82,667 equity shares of Rs 10 each of Vishal Fabrics Limited for an amount aggregating to Rs 87.82 crore on rights basis in the ratio of two rights shares for every three fully paid up equity shares held by the equity shareholders.
The face value of the rights shares is Rs 10 each and the issue price is 10 times of the face value of the equity shares.