Pricol limited board approves 2:7 rights issue at Rs. 30

A meeting of the Board of Directors of Pricol limited held on Friday, September 4, 2020 approving fund raising by way of a rights issue of equity shares of Re. 1 of the Company ("Rights Equity Shares") to eligible equity shareholders of the Company as on the record date of an issue size of up to Rs. 100 crore ("Issue").

The Committee in its meeting held today, i.e., Thursday, 19th November 2020, has approved the Issue on the following terms:

Number of Rights Equity Shares to be issued and the size of the Issue: 2,70,84,777 Rights Equity Shares, for an amount aggregating upto Rs. 8125.43 Lakhs (assuming full subscription).

Rights issue price: Rs. 30 per Rights Equity Share (including a premium of Rs. 29 per Rights Equity Share over face value of Rs. 1 per Equity Share).

Rights entitlement ratio: 2 Rights Equity Shares for every 7 Equity Share(s) 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 25th November, 2020.

ISIN for rights entitlements: INE726V20018

Issue period:

Issue Opening Date: Thursday, 3rd December 2020
Last date for on market renunciations: Friday, 11th December 2020; and
Issue Closing Date: Thursday, 17th December 2020

Shares of Pricol Ltd was last trading in BSE at Rs.59.55 as compared to the previous close of Rs. 56.75. The total number of shares traded during the day was 57406 in over 499 trades.

The stock hit an intraday high of Rs. 59.55 and intraday low of 56.35. The net turnover during the day was Rs. 3387266.

Source : Equity Bulls

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