Can Fin Homes Ltd announces 3:10 rights issue at Rs. 450

The Board of Directors of Can Fin Homes Ltd at its meeting held on January 12, 2015, have decided the terms of the rights issue.

The Issue Price has been fixed as Rs. 450/- (Face Value: Rs. 10/- and Premium: Rs. 440/-) and the ratio has been fixed as 3 equity shares for every 10 equity shares held as on the Record date.

The number of shares to be issued will be 61,45,575 equity shares.

For Equity Shares being offered on a rights basis under this Issue, if the shareholding of any of the Eligible Equity Shareholders is less than 10 Equity Shares or not in the multiple of 10, the fractional entitlement of such Eligible Equity Shareholders shall be ignored. Eligible Equity Shareholders whose fractional entitlements are being ignored would be given preferential consideration for the Allotment of one additional Equity Share each if they apply for additional Equity Shares over and above their Rights Entitlement, if any.

Those Eligible Equity Shareholders holding less than 3 Equity Shares will therefore be entitled to Zero Equity Shares under this Issue and shall be despatched a CAF with zero entitlement. Such Eligible Equity Shareholders are entitled to apply for additional Equity Shares. However, they cannot renounce the same in favour of Third parties. CAFs with zero entitlement will be non-negotiable/non-renounceable.

January 27, 2015 has been fixed as the Record Date for the purpose of Right Issue in the ratio of 3 Equity Shares for every 10 equity shares of the Company.

Shares of CAN FIN HOMES LTD. was last trading in BSE at Rs.616.5 as compared to the previous close of Rs. 657.15. The total number of shares traded during the day was 196401 in over 18530 trades.

The stock hit an intraday high of Rs. 695 and intraday low of 600.7. The net turnover during the day was Rs. 127099080.

Source : Equity Bulls

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