Kesoram Industries is locked in upper circuit of 10% at Rs 118 on BSE after the company has fixed May 16, as the record date for the purpose of ascertaining the shareholders entitled for rights shares.
The company will issue 64 million equity shares on rights basis at Rs 65 each. The allotment will be made in the ratio of 7 shares for every 5 equity shares held. The rights issue is at 45% discount to the ruling market price of Rs 118.
“The company has fixed May 16, as record date for determining the names of those shareholders who will be entitled to and offered shares on Rights basis as proposed by the board of this company at its April 27, 2013,” Kesoram Industries said in a statement.
The cement and tyre maker is planning to raise around Rs 416 crore to repay its debt and for working capital purpose.The company has appointed SBI Capital Markets Limited and Religare Capital Markets Limited as the lead managers to the rights issue.
The stock opened at Rs 106 and has seen a combined 659,000 shares changing hands on the counter till 1428 hours. There are pending buy orders for 331,045 shares on BSE and NSE.
The company will issue 64 million equity shares on rights basis at Rs 65 each. The allotment will be made in the ratio of 7 shares for every 5 equity shares held. The rights issue is at 45% discount to the ruling market price of Rs 118.
“The company has fixed May 16, as record date for determining the names of those shareholders who will be entitled to and offered shares on Rights basis as proposed by the board of this company at its April 27, 2013,” Kesoram Industries said in a statement.
The cement and tyre maker is planning to raise around Rs 416 crore to repay its debt and for working capital purpose.The company has appointed SBI Capital Markets Limited and Religare Capital Markets Limited as the lead managers to the rights issue.
The stock opened at Rs 106 and has seen a combined 659,000 shares changing hands on the counter till 1428 hours. There are pending buy orders for 331,045 shares on BSE and NSE.
