Texmaco board okays 1:1 rights

 Texmaco Ltd president Ramesh Maheshwari said the offer proceeds would be utilised to retire high cost debt as well as augment working capital requirement. He said the issue was not underwritten. Post issue paid-up equity capital would double from the existing Rs 5.16 crore.

 Stock market analysts said the right issue, which followed a Rs 21.5 crore construction agreement with the Rahejas, appeared to be a mini bonus to the shareholders.