Texel Industries Ltd board approves rights issue at Rs. 40 per share

The Finance and Investment Committee of Directors ('Committee') of Texel Industries Ltd has at its meeting held today, have considered and approved the terms of the rights issue.

The board approved the issue of 31,22,398 partly paid-up Equity Shares of face value of Rs.10/- each at an issue price of Rs.40/- per Equity Share (including premium of Rs.30/- per Equity Share) for an amount aggregating up to Rs.1,248.96 lakhs to all the existing equity shareholders of the Company on a rights basis ('Rights Issue').

The record date for the purpose of determining names of shareholders of the Company eligible to apply for the partly paid-up Rights Equity Shares in the Rights Issue of the Company will be announced in due course along with International Securities Identification Number ("ISIN") of Rights Entitlements.

The equity shares are being offered in the ratio of 55 (Fifty Five) Rights Equity Shares of Rs. 10/- each for every 92 (Ninety Two) Equity Shares of Rs. 10/- each held by the equity shareholders of the Company as on the record date ("Eligible Equity Shareholders") with the right to renounce.

Payment Terms

On Application - Rs. 20 (Face Value - Rs. 5, Premium - Rs. 15)
First and Final Call - Rs. 20 (Face Value - Rs. 5, Premium - Rs. 15).

Shares of Texel Industries Ltd. was last trading in BSE at Rs. 86.85 as compared to the previous close of Rs. 86.55. The total number of shares traded during the day was 4641 in over 69 trades.

The stock hit an intraday high of Rs. 90.8 and intraday low of 83.05. The net turnover during the day was Rs. 403401.

Source : Equity Bulls

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