WeP Solutions Limited fixes March 12, 2021 as record date for rights issue

The Rights Issue Committee of WeP Solutions Limited in their meeting held on 20th November 2020 had approved the terms of proposed Rights Issue. The Rights Issue Committee on 12th February 2021, approved the Draft Letter of Offer for the proposed Rights Issue for filing with BSE for seeking in-principle approval.

The company received the in-principle approval for the Rights Issue from Bombay Stock Exchange (BSE) on 26th February 2021.

Instrument: Equity shares of Face Value ₹ 10 each ("Rights Equity Shares").

Rights Issue Price: ₹ 10/- per equity share at par

Number of Rights Equity Shares to be issued: 98,68,640 Rights Equity Shares, for an amount aggregating to ₹ 9,86,86,400/- (assuming full subscription).

Rights Entitlement Ratio: 3 Equity Shares for every 8 Equity Shares held by eligible Equity Shareholders of the Company as on the record date.

Record date: The Committee has fixed the record date for the purpose of determining the shareholders who will be eligible to apply in the Rights Issue as Friday, 12th March 2021.

Issue Opening date: Wednesday, 24th March 2021.

Issue Closing date: Monday, 19th April 2021.

The Company has made necessary arrangement with NSDL and CDSL for the credits of the Rights Entitlements in dematerialized form in the demat account of the eligible equity shareholders as on the Record Date. The ISIN of such Rights Entitlement is INE434B20011. The Rights Entitlement of the eligible equity shareholders as on the Record Date, shall be credited prior to the issue opening date, in the respective demat account of the eligible equity shareholders under the aforementioned ISIN.

The Committee further approved the 'Letter of Offer' and the 'Abridged Letter of Offer' to be filed with the Bombay Stock Exchange Limited (BSE) and to be submitted with the Securities and Exchange Board of India (SEBI). The designated Stock Exchange in relation to the Right Issue will be the Bombay Stock Exchange Limited (BSE).

Shares of WEP SOLUTIONS LTD. was last trading in BSE at Rs.21.3 as compared to the previous close of Rs. 21.5. The total number of shares traded during the day was 3470 in over 12 trades.

The stock hit an intraday high of Rs. 21.7 and intraday low of 21.05. The net turnover during the day was Rs. 74442.

Source : Equity Bulls

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