Suditi Industries Ltd Board approves Rights Issue of equity shares

The Board of Directors of the Company at its meeting held on January 06, 2022 have considered and approved proposal to raise fund through issue of equity shares of the Company for an amount not exceeding Rs.30 crores (Rupees Thirty Crores Only) through a Rights Issue to the eligible shareholders of the Company registered in the Books of the Company as on the date to be fixed by a Committee constituted by the Board ("Committee") and on such terms and conditions as the Committee may decide, in accordance with applicable law, subject to Shareholders & regulatory approval, if required and applicable. The rights issue will be either equity or any other convertible instruments.

The Board has decided to constitute 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 the rights Issue price [to be determined in accordance with such rules and regulations including the pricing formula laid down under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as may be applicable], rights entitlement ratio, appointment of intermediaries and other related matters.

The Board decided to reaffirm the appointment of M/s Chartered Finance Management Limited, SEBI registered Category 1 merchant banker as Lead Manager to the proposed Issue and to also advise the Board appropriately the method of fund raising suitable for the company and to assist in taking further necessary steps in that direction.

Shares of SUDITI INDUSTRIES LTD. was last trading in BSE at Rs. 26.50 as compared to the previous close of Rs. 25.80. The total number of shares traded during the day was 14976 in over 55 trades.

The stock hit an intraday high of Rs. 27.05 and intraday low of 25.80. The net turnover during the day was Rs. 402420.00.

Source : Equity Bulls

Keywords

SUDITIINDUSTRIES INE691D01012 RightsIssue FundRaising