Kreon Financial Services Ltd board approves rights issue

The Board of Directors ("Board") of Kreon Financial Services Limited, at its meeting held today i.e. Monday, October 18, 2021, has approved the increase of Authorised Share Capital of the Company and consequent alteration of Capital Clause of Memorandum of Association of the Company and raising of funds by way of offer and issue of equity shares to the existing shareholders of the Company on a rights basis upto INR 25 Crore.

Subject to approval of the Shareholders, the board has approved to increase the Authorised Share Capital of the Company from Rs. 20,00,00,000/- (Rupees Twenty Crores Only) consisting of 1,50,00,000 Equity Shares of Rs. 10/- (Rupees Ten Only) each and 50,00,000 Preference Shares of Rs. 10/- (Rupees Ten Only) each to Rs. 30,00,00,000/- (Rupees Thirty Crores Only) consisting of 2,50,00,000 Equity Shares of Rs. 10/- (Rupees Ten Only) each and 50,00,000 Preference Shares of Rs. 10/- (Rupees Ten Only) each.

The Board has constituted a Rights Issue Committee of Directors for the above purpose and has authorised the Committee to determine the terms of the Rights Issue including the quantum of issue, rights entitlement ratio, issue price, issue size, book closure or record date, entitlement timing of the issue, etc., in consultation with the Lead Manager to the Right Issue and to decide all other matters relating to the Right Issue. Such details shall be informed and/or announced in due course as and when decided or required, as per applicable statutory provisions and depending upon the market conditions. The above proposal to issue of shares shall be subject to necessary approvals, confirmations and consents as may be necessary and in compliance with applicable law including the provisions of the Securities and Exchange Board of India (lssue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013 and the Rules made there under and as amended.

Shares of KREON FINNANCIAL SERVICES LTD. was last trading in BSE at Rs. 24.83 as compared to the previous close of Rs. 23.65. The total number of shares traded during the day was 5998 in over 26 trades.

The stock hit an intraday high of Rs. 24.83 and intraday low of 24.83. The net turnover during the day was Rs. 148930.00.

Source : Equity Bulls

Keywords

KREONFINNANCIALSERVICES INE302C01018 FundRaising RightsIssue