Mega Nirman and Industries Ltd board approves rights issue of Rs. 25 crore

The Board of Directors of Mega Nirman and Industries Ltd at its meeting held on October 21, 2020, inter alia, has approved Rights Issue of Equity shares of Rs. 10/- each to eligible equity shareholders on proportion as on the record date (to be decided later), for an issue size of up to Rs. 25 Crore (the "Issue").

The board also approved increase in Authorised Share Capital from INR 4,25,00,000/- (Rupees Four Crore Twenty-Five Lakhs Only) divided into 42,50,000 (Forty-Two Lakhs Fifty Thousand) equity shares of INR 10/- (Rupees Ten Only) each to INR 28,25,00,000/- (Rupees Twenty Eight Crore Twenty Five Lakhs only) divided into 2,82,50,000 (Two crore Eighty Two Lakhs Fifty Thousand only) equity shares of INR 10/- (Rupees Ten Only) each and consequent amendment to clause V of the Memorandum of Association of the Company.

The board approved appointment of Guiness Corporate Advisors Pvt Ltd. as Lead Manager for the Issue.

Shares of Mega Nirman and Industries Ltd was last trading in BSE at Rs.23 as compared to the previous close of Rs. 22.95. The total number of shares traded during the day was 6289 in over 24 trades.

The stock hit an intraday high of Rs. 23.95 and intraday low of 21.85. The net turnover during the day was Rs. 138623.

Source : Equity Bulls

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