State Bank of Travancore fixes terms of rights issue

The Board of Directors of State Bank of Travancore at its meeting held on February 20, 2015, have decided the terms of the forthcoming rights issue.

The Issue Price has been fixed as Rs. 400/- (Face value: Rs. 10/- and premium: Rs. 390/-) and the Issue Size is Rs. 474.03 crores.

The Ratio of the rights issue is 1 equity shares for every 5 equity shares held as on Record date and the number of Shares to be issued will be 1,18,50,694 equity shares.

The Shares outstanding post issue will be 7,11,04,167 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 5 Equity Shares or not in the multiple of 5, 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 5 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.

Shares of STATE BANK OF TRAVANCORE was last trading in BSE at Rs.540.05 as compared to the previous close of Rs. 528.7. The total number of shares traded during the day was 21327 in over 577 trades.

The stock hit an intraday high of Rs. 547.85 and intraday low of 529.9. The net turnover during the day was Rs. 11544222.

Source : Equity Bulls

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