Mahindra Lifespace Developers Ltd approves rights issue

The Rights Issue Committee meeting of Mahindra Lifespace Developers Ltd held on 20th March, 2017 has approved the issue of up to 10,273,600 equity shares with a face value of Rs. 10 (ten) each for cash at a price of Rs. 292/- (Rupees Two Hundred Ninety-two only) per equity share including a premium of Rs. 282/- (Rupees Two Hundred Eighty-two only) per equity share ('Rights Equity Shares') for an amount up to Rs.2,999.89 million on a rights basis to the eligible equity shareholders of the Company in the ratio of 1:4, that is, 1 (one) Rights Equity Share for every 4 (four) fully paid-up equity shares of the Company held by existing equity shareholders as on the Record Date.

BSE Limited has been approved as the Designated Stock Exchange for the Issue.

Friday, 31st March, 2017 has been fixed as the Record Date for determining the shareholders eligible to apply for the Rights Equity Shares in the Issue.

The committee also approved the appointment of intermediaries to the Issue.

Friday, 31st March, 2017 has been fixed as the Record Date for determining the shareholders eligible to apply for the Rights Equity Shares in the Rights Issue.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.374.5 as compared to the previous close of Rs. 380.1. The total number of shares traded during the day was 14495 in over 591 trades.

The stock hit an intraday high of Rs. 385.8 and intraday low of 368. The net turnover during the day was Rs. 5474675.

Source : Equity Bulls

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