LGB Forge Ltd Board approves Rights Issue of Rs. 28 crores

The Board of Directors of LGB Forge Ltd has, at its meeting held on April 10, 2018, has considered and approved raising of funds upto Rs. 28 crores (Rupees Twenty Eight Crores only) by way of offer and issue of equity shares to the existing shareholders of the company on Rights basis (Right Issue), at such issue price and right entitlement ratio as may be decided by the Board in consultation with Lead Manager, subject to necessary approvals, confirmation and consents as may be necessary / required for compliance of applicable law including the provisions of the SEBI (ICDR) Regulations, 2009, SEBI(LODR) Regulations, 2015 and the Companies Act, 2013.

The Board also constituted a Committee of Directors (Right Issue Committee) and authorized such Committee to determine record date, timing of the issue, do the required process and decide all the matters relating to the rights issue in consultation with Lead Managers. Such details shall be informed and / or announced in the due course as and when decided or required, as per applicable statutory provisions.

Source : Equity Bulls

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