Anjani Portland Cement Ltd approves 3:8 rights issue at Rs. 108.74

The Rights Issue Committee of Anjani Portland Cement Ltd as authorized by the Board of Directors, at their meeting held on May 07, 2016 from 11.30 a.m. to 12.15 p.m. approved the terms and conditions with respect to the proposed rights issue of equity shares of face value of Rs. 10 each (Equity Shares) of the Company (Rights Issue), including matters related / incidental thereto.

The rights entitlement ratio is fixed as 3 Equity Shares for every 8 held by shareholders as on record date and the Issue Price per Equity Share is Rs. 108.75/- (including share premium of Rs. 98.75)

The company proposes to issue upto 68,96,099 Equity Shares under the Rights issue.

The Outstanding Equity Shares prior to Rights Issue is 1,83,89,597 Equity Share of Face Value of Rs. 10 each and the 5. Outstanding Equity Shares post Rights Issue will be 2,52,85,696 Equity Shares, assuming the Rights Issue is fully subscribed.

Full amount shall be payable on application. The payment towards each Equity Share will be applied as Rs. 10 towards share capital and Rs. 98.75 towards share premium.

The Equity Shares are being offered on a rights basis to the existing Equity Shareholders in the ratio of 3 Equity Shares for every 8 Equity Shares held as on the Record Date. For Equity Shares being offered on a rights basis under this Issue, if the shareholding of any of the Equity Shareholders is less than 8 Equity Shares or is not in a multiple of 8 Equity Shares, the fractional entitlement of such Equity Shareholders shall be ignored for computation of the Rights Entitlement. However, Equity Shareholders whose fractional entitlements are being ignored will be given preference in the allotment of one additional Equity Share each, if such Equity Shareholders have applied for additional Equity Shares over and above their Rights Entitlement. Also, those Equity Shareholders holding less than 3 Equity Shares and therefore entitled to 'Zero' Equity Shares under this Issue shall be dispatched a Composite Application Form ('CAF') with 'Zero' entitlement. Such Equity Shareholders are entitled to apply for additional Equity Shares and would be given preference in the allotment of one additional Rights Issue Equity Share if, such Equity Shareholders have applied for the additional Equity Shares. However, they cannot renounce the same to third parties. CAFs with zero entitlement shall be non-negotiable/ non- renounceable.

The Rights Issue opening and closing dates will be intimated on finalization of the said dates by the Rights Issue Committee, in due course.

Shares of ANJANI PORTLAND CEMENT LTD. was last trading in BSE at Rs.181 as compared to the previous close of Rs. 159.8. The total number of shares traded during the day was 31798 in over 337 trades.

The stock hit an intraday high of Rs. 184.4 and intraday low of 160. The net turnover during the day was Rs. 5578159.

Source : Equity Bulls

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