Bata 1:4 rights at Rs 45-54/share

Bata India today said that it has approved a plan to increase the authorised share capital of the company to Rs 70 crore and allot about 1.28 crore additional equity shares under a rights issue.

According to a release issued by Bata to the BSE, the extra ordinary general meeting of the company held on February 02 had agreed to increase the authorised share capital of the company from Rs 60 crore to Rs 70 crore by creation of additional one crore equity of Rs 10 each.

The company's proposed rights issue is to offer 1,28,57,000 equity shares of Rs 10 each for cash at a premium within a price band of Rs 45 to Rs 54 per share, the release added.

Shares under the rights issue would be distributed in the ratio 1:4, i.e one equity share for every four held by shareholders.