Elpro International Ltd Board approve Rights Issue of equity shares & Stock Split

At the meeting of the Board of Directors of Elpro International Ltd held on July 25, 2017, the Board has approved issue of equity shares to the existing shareholders of the Company on a rights basis (Rights Issue) up to Rs. 100/- Cr. (Rupees One Hundred Crores only) subject to all statutory and regulatory approvals as applicable. Further, the Board has constituted a Rights Committee and has authorised the Rights Committee to determine the terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue, and other matters which shall be decided in consultation with the Lead Manager(s) to the Rights Issue.

Subject to approval of the members of the Company, the Board of Directors have decided that each of the equity shares of the Company having a face value of Rs. 2/- each will be sub-divided into 2 equity shares having a face value of Re. 1/- each and accordingly alteration will be made in the capital clause of Memorandum of Association of the Company. The record date for sub-division of the equity shares will be announced in due course.

Subject to approval of the members of the Company, the Board has approved increase in Authorised Share Capital from the existing Rs. 20,00,00,000/-(Rupees Twenty Crores Only) to Rs. 26,00,00,000/-(Rupees Twenty Six Crores) and accordingly alteration will be made in the capital clause of Memorandum of Association of the Company.

Shares of ELPRO INTERNATIONAL LTD. was last trading in BSE at Rs.100.85 as compared to the previous close of Rs. 100.35. The total number of shares traded during the day was 46337 in over 251 trades.

The stock hit an intraday high of Rs. 104.9 and intraday low of 100. The net turnover during the day was Rs. 4739948.

Source : Equity Bulls

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