Ceat board nod for 3:10 rights at Rs 50/shr

The board of directors of Ceat today approved a rights issue in the ratio of 3:10 i.e three rights shares for every 10 held to raise up to Rs 52.70 crore.

According to a release issued by the company today, the issue has been priced at Rs 50 per share.

"The pricing of the rights issue at a substantial discount to market prices is keeping in view the interest of shareholders at large and to reward them," the statement added.

The board meeting also approved the merger of three wholly-owned subsidiaries - Ceat Ventures, Ceat Holdings and Meteoric Industrial Finance - with the company.