IP Rings Ltd rights issue received subscription of 1.26 times

IP Rings Ltd announced the closing of its approximately Rs. 5000 lakhs rights issue subscription period on February 6, 2017. IP Rings offered 56,33,718 shares of face value of Rs. 10 for cash at a price of Rs. 88.75 (including a premium of Rs. 78.75) each in the ratio of 4 fully paid-up rights equity shares for every 5 fully paid-up equity shares held on the record date, i.e. January 17, 2017. The rights issue commenced on January 23, 2017 and closed on February 6, 2017.

The rights issue was subscribed for 1.26 times and the company collected an amount of approximately Rs. 6318.19 lakhs.

The proceeds from the rights issue are intended to be used for repayment in full or in part of certain long-term and short term borrowings, and general corporate purposes.

Axis Capital Limited was the sole Lead Managers to the Rights Issue.

Shares of IP RINGS LTD. was last trading in BSE at Rs.131.4 as compared to the previous close of Rs. 138.25. The total number of shares traded during the day was 5160 in over 49 trades.

The stock hit an intraday high of Rs. 135.5 and intraday low of 131.35. The net turnover during the day was Rs. 682710.

Source : Equity Bulls

Keywords