Exide board clears 1:15 rights at Rs 30/shr

The board of directors of Exide Industries, which met today, approved a  rights issue in the ratio of 1:15 i.e one rights share for every 15 shares held at Rs 30 per share.

The company would be raising Rs 150 crore through the rights issue. The funds would be utilised to augment the long-term resources of the company.

Following the issue, the company's equity capital would stand at Rs 80
crore as against the current Rs 75 crore.

"The enhanced capital will add more floating stock and therefore increase
the liquidity of the scrip in the stock market," managing director and CEO T Ramanathan said.