EPC Industries has rallied 17% to Rs 165 after announcing rights issue plans.
“The board of directors of the company will meet on November 12, 2011, to consider a proposal for issue of equity shares of Rs 10 each of the company to the existing equity shareholders of the company on a rights basis subject to all applicable statutory and regulatory approvals will also be considered," EPC said in a filing to the stock exchanges.
The board will also consider and approve the unaudited financial results of the company for the second quarter ended September 30, 2011, it added.
Diversified firm Mahindra & Mahindra had recently made an open offer to acquire 20% additional stake after acquiring 6.56 million equity shares of the face value of Rs 10 each of EPC, on a preferential basis, at a price of Rs 66.10 per share.
Around 3,250 shares have changed hands on the counter till 1014, as against an average less than 1,200 shares that were traded daily in past two weeks on the Bombay Stock Exchange.
