Ethos Limited allots rights shares, to come with IPO

A meeting of the Board of Directors of Ethos Limited, Company's material subsidiary was held on 1st December, 2021. The Board considered and approved allotment of 457,938 (Four lacs fifty seven thousand nine hundred and thirty eight only) equity shares of Rs. 10 each at a premium of Rs. 540 per share for an amount of Rs. 25.19 crores to the existing shareholders of the Company through the mode of Rights Issue. After the aforesaid allotment, the shareholding of KDDL Limited in the Company is 76.61% (directly and indirectly).

The Board, subject to receipt of requisite approvals and market conditions, considered and recommended raising of capital through an Initial Public Offering of the Company for an amount not exceeding Rs. 50,000 lacs from Fresh Issue of capital, at a price to be determined in consultation with the book running lead managers. The proposed Initial Public Offering may also include an offer for sale by the existing shareholders of the Company. The Board has resolved to convene an Extraordinary General meeting of the Shareholders of the Company on 30th December, 2021 for seeking their necessary approval for the proposed Initial Public Issue.

Shares of KDDL Limited was last trading in BSE at Rs. 871.30 as compared to the previous close of Rs. 807.05. The total number of shares traded during the day was 45147 in over 3445 trades.

The stock hit an intraday high of Rs. 950.00 and intraday low of 852.95. The net turnover during the day was Rs. 40786011.00.

Source : Equity Bulls

Keywords

KDDLLimited INE291D01011 Ethos FundRaising RightsShares IPO