Gateway Distriparks Limited to raise funds through rights issue at Rs. 72

The Board of Directors of Gateway Distriparks Limited held on Wednesday, June 10, 2020 had approved the raising of funds up to an aggregate amount not exceeding Rs. 150 crores, by way of an issue of equity shares of the Company ("Equity Shares") to the existing shareholders of the Company on a rights basis, a qualified institutions placement and / or on preferential allotment basis, an issue of GDRs, ADRs, FCCBs, FCEBs and any other securities in one or more combination thereof.

The Board at its meeting held today, i.e., Monday,July 20,2020, has approved the Issue on rights basis on the following terms:

Instrument: Equity Shares of face value Rs. 10 each ("Rights Equity Shares").

Number of Rights Equity Shares to be issued: 16,107,859 Rights Equity Shares, for an amount aggregating to Rs. 115,97,65,848 (assuming full subscription).

The issued, subscribed and paid-up share capital of the Company as on date comprises 10,87,28,049 Equity Shares of face value of Rs. 10 each. The issued, subscribed and paid-up share capital of the Company after the Issue (assuming full subscription) will comprise 12,48,35,908 Equity Shares of face value of Rs. 10 each.

Rights issue price: Rs. 72 per Rights Equity Share (including a premium of Rs. 62 per Rights Equity Share over face value of Rs. 10 per Equity Share).

Rights entitlement ratio: 4: 27 ie. 4 Rights Equity Shares for every 27 Equity Share(s) held by eligible Equity Shareholders of the Company as on the record date.

Record date: The Board also fixed the record date for the purpose of determining the shareholders who will be eligible to apply in the Rights Issue as Friday, July 24, 2020.

ISIN for rights entitlements: Given that the key terms of the Issue have been finalised in today's meeting, the Company will proceed to apply for International Securities Identification Number (ISIN) for the purpose of credit of the rights entitlements and shall intimate the same in due course.

Issue period :

Issue Opening Date: Thursday, 30 July 2020 and

Issue Closing Date: Thursday, 13 August 2020.

(both days inclusive)

Shares of GATEWAY DISTRIPARKS LTD. was last trading in BSE at Rs.90.2 as compared to the previous close of Rs. 89.4. The total number of shares traded during the day was 18616 in over 390 trades.

The stock hit an intraday high of Rs. 91.35 and intraday low of 87.95. The net turnover during the day was Rs. 1676459.

Source : Equity Bulls

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