EIH Limited approves rights issue, fixes Sep 23, 2020 as record date

A meeting of the Board of Directors of EIH Limited held on Monday, September 7, 2020 approved the offer and issue of equity shares of the Company by way of a rights issue, for an aggregate amount of up to ₹ 350 crore in accordance with applicable law, including the Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended. (the "Issue").

The Committee in its meeting held today, i.e., 17th September 2020 has approved the Issue on the following terms:

Instrument: Equity shares of face value ₹ 2 each ("Rights Equity Shares").

b) Number of Rights Equity Shares to be issued: 53,794,768 Rights Equity Shares, for an amount aggregating to ₹ 3,496,659,920(assuming full subscription)).

Rights Issue Price: ₹ 65 per equity share (including a premium of ₹ 63 per equity share over face value of ₹ 2 per share).

Rights entitlement ratio: 8 equity shares for every 85 equity shares held by eligible equity shareholders of the Company as on the record date.

Record date: The Committee also fixed the record date for the purpose of determining the shareholders who will be eligible to apply in the Rights Issue as 23rd September 2020.

Further, the ISIN INE230A20015 has been allotted to the rights entitlements to be credited to the demat accounts of eligible equity shareholders of the Company.

Shares of EIH LTD. was last trading in BSE at Rs.86.4 as compared to the previous close of Rs. 88.5. The total number of shares traded during the day was 54960 in over 840 trades.

The stock hit an intraday high of Rs. 88.45 and intraday low of 86.2. The net turnover during the day was Rs. 4789968.

Source : Equity Bulls

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