Wheels India has soared 7% to Rs 1,033, extending its 20% rally in past four trading sessions on rights issue plan.
The board of directors of the company at their meeting held on February 3 has approved rights issue of equity shares to the existing shareholders, excluding the promoter and promoter group of the company, Wheels India said in a statement.
As per the terms of rights issue, the company will offer 51 equity shares for every 20 equity shares held in the company as on record date. The company will offer a total of 2.16 million shares through rights issue at a price of Rs 400 per share, it added.
Meanwhile, the company has fixed February 14, 2014 as the record date for the purpose of the equity shares are being offered on rights basis to the eligible equity shareholders.
The stock opened at Rs 972 and touched a record high of Rs 1,041 on the BSE. A combined 88,000 shares changed hands on the counter so far on the BSE and NSE.
The board of directors of the company at their meeting held on February 3 has approved rights issue of equity shares to the existing shareholders, excluding the promoter and promoter group of the company, Wheels India said in a statement.
As per the terms of rights issue, the company will offer 51 equity shares for every 20 equity shares held in the company as on record date. The company will offer a total of 2.16 million shares through rights issue at a price of Rs 400 per share, it added.
Meanwhile, the company has fixed February 14, 2014 as the record date for the purpose of the equity shares are being offered on rights basis to the eligible equity shareholders.
The stock opened at Rs 972 and touched a record high of Rs 1,041 on the BSE. A combined 88,000 shares changed hands on the counter so far on the BSE and NSE.
