Kesoram Industries Ltd board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd at its meetings held on May 14, 2021 and August 12, 2021 had approved the offer and issue of partly paid up equity shares ("Rights Equity Shares") of the Company by way of a rights issue, for an aggregate amount of up to Rs. 400 crores in accordance with the provisions of the Companies Act, 2013, rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws), (the "Issue").

The Committee in its meeting held today, i.e., Monday, September 13, 2021, has taken the following decisions in connection to the Issue thereof:

Number of Rights Eguity Shares to be issued: Up to 7,99,99,665 Rights Eguity Shares, for an amount aggregating up to £ 3,99,99,83,250 (assuming full subscription and payment of call monies).

Rights entitlement ratio: 133 equity shares for every 274 equity shares held by eligible equity shareholders of the Company as on the record date.

Record date: The record date for the purpose of determining the shareholders who will be eligible to apply in the aforesaid Issue is Friday, September 17, 2021.

Issue period:

Issue Opening Date: Monday, September 27, 2021; and
Issue Closing Date: Monday, October 11, 2021.

Further, the ISIN allotted for the rights entitlements to be credited to the demat accounts of eligible equity shareholders of the Company is INEO87A20019 and the ISIN allotted for the Rights Equity Shares, at the time of application, is IN9087A01017.

Additionally, the Committee also approved the Letter of Offer to be filed with the Securities and Exchange Board of India, BSE Limited, National Stock Exchange of India Limited and the Calcutta Stock Exchange Limited. The designated Stock Exchange in relation to the aforesaid rights issue has been approved by the Committee to be BSE Limited.

Shares of Kesoram Industries Ltd was last trading in BSE at Rs. 83.45 as compared to the previous close of Rs. 81.85. The total number of shares traded during the day was 81118 in over 1290 trades.

The stock hit an intraday high of Rs. 84.5 and intraday low of 81.45. The net turnover during the day was Rs. 6747741.

Source : Equity Bulls

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