North Eastern Carrying Corporation Limited board approves rights issue

The Board of Directors of North Eastern Carrying Corporation Limited at its meeting held on Tuesday, October 19, 2021 has considered and approved the proposal for issuance of equity shares of face value of Rs.10.00/- (Indian Rupees Ten Only) for an amount not exceeding Rs. 49,50,00,000/- (Indian Rupees Forty Nine Crore Fifty Lakhs Only) through a Rights Issue, to the eligible equity shareholders of the Company as on Record date (to be notified subsequently), in accordance with applicable laws, including the " Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013 (hereinafter referred to as 'Rights Issue').

The board also approved constitution of the Rights Issue committee to proceed with the Rights issue and decide the other terms and conditions of the Rights Issue, including deciding on the record date, determining therights issue price, rights entitlement ratio, appointment of intermediaries and other related matters.

Shares of North Eastern Carrying Corporation Limited was last trading in BSE at Rs. 19.40 as compared to the previous close of Rs. 20.90. The total number of shares traded during the day was 196935 in over 713 trades.

The stock hit an intraday high of Rs. 22.00 and intraday low of 19.35. The net turnover during the day was Rs. 3983264.00.

Source : Equity Bulls

Keywords

NorthEasternCarryingCorporation INE553C01016 NECC RightsIssue FundRaising