Patel Integrated Logistics Ltd rights issue oversubscribed

The rights issue of Patel Integrated Logistics Ltd which opened for subscription by eligible shareholders on Tuesday, 9th November, 2021 has closed for subscription today i.e., Tuesday, 23rd November, 2021.

The company has garnered subscription for 7,69,05,531 equity shares as on Nov 23 2021 5:00PM in both BSE and NSE together against the offer of 4,00,00,000 equity shares at a price of Rs. 2.50/- per Right Equity Share payable on Application and the balance amount will be payable by the Rights Equity Shareholders on First and Final Call of Rs. 7.50/- each per Rights Equity Share, pursuant to the Payment Schedule after payment of the Application Money.

In BSE, the company got bids for 6,88,28,603 equity shares and NSE got bids for 80,78,488 equity shares.

The rights issue was up to 4,00,00,000 Partly Paid-up Equity Shares of Face Value of Rs. 10/- each ("Rights Equity Shares") of the Company was for cash at a price of Rs. 10/- per Rights Equity Share, aggregating up to Rs. 400000000/- on a rights basis to the eligible equity shareholders of the company in the ratio of 613 Rights Equity Shares for every 399 Equity Shares held by the eligible equity shareholders on the record date, that is, on Friday October 29, 2021.

The proceeds of the Issue will be used to make the Company net external debt free and make the Balance Sheet of the Company stronger for future growth.

Shares of Patel Integrated Logistics Limited was last trading in BSE at Rs. 14.55 as compared to the previous close of Rs. 14.60. The total number of shares traded during the day was 13390 in over 140 trades.

The stock hit an intraday high of Rs. 15.10 and intraday low of 14.20. The net turnover during the day was Rs. 197426.00.

Source : Equity Bulls

Keywords

PatelIntegratedLogisticsLimited INE529D01014 PATINTLOG RightsIssue FundRaising Oversubscription