Beardsell Ltd board approves 1:3 rights issue

The Board of Directors of Beardsell Ltd in their Meeting held today, May 27, 2020 (which commenced at 11.00 a.m. and concluded at 14.15 p.m.) have discussed and approved the proposal to raise funds upto an aggregate value not exceeding Rs.8.90 crores, subject to receipt of necessary approvals, as applicable, by way of issue of equity shares of the company to its eligible shareholders on a right basis ('Rights issue') on a ratio of one share for every three shares held.

The board has constituted a Special Purpose Committee of Directors to decide matters relating to right issue ('Rights Issue Committee') which includes, to decide or alter the treatment to be given to fractional entitlements, to make any applications to the regulatory authorities as may be required, determine the terms and conditions of the Rights issue including total amount of Rights Issue, structure, price, timing of the issue, appointment of lead managers, Registrar and share transfer agents, legal counsel, advisors and other intermediaries. The Committee comprises of Mr Amrith Anumolu, Executive Director, Mr A V Ram Mohan, Independent Director, Dr. Gurram Jagannatha Reddy, Independent Director and Mr V J Singh, Non-Executive Director.

Shares of Beardsell Ltd was last trading in BSE at Rs.8.74 as compared to the previous close of Rs. 9.2. The total number of shares traded during the day was 300 in over 4 trades.

The stock hit an intraday high of Rs. 9.25 and intraday low of 8.74. The net turnover during the day was Rs. 2647.

Source : Equity Bulls

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