Quint Digital Media Ltd Board approves Rights Issue

The board of directors of Quint Digital Media Ltd have approved the issue of equity shares by way of a rights issue to the existing shareholders of the Company for an amount not exceeding Rs. 125 Crores (Rupees One Hundred and Twenty Five Crores only), subject to receipt of relevant approvals, if any as may be required.

The objective of the Issue is to, meet the Company's growth plans, including but not limited to undertaking strategic initiatives, general corporate purposes and / or such other use of process as may be permitted under the applicable laws.

The Board also formed the Rights Issue Committee to decide the terms and conditions of the Issue including use of Issue proceeds, rights entitlement ratio, the issue price, record date, timing of the Issue and other related matters.



Subject to the approval of Members of the Company, approved increase and reclassification of the Authorized Share Capital of the Company from the existing Rs.26,00,00,000 (Rupees Twenty Six Crore only) divided into 2,35,00,000 (Two Crore and Thirty Five Lakh) Equity Shares of Rs.10 (Rupees Ten only) each and 25,00,000 (Twenty Five Lakh) Preference Shares of Rs.10 (Rupees Ten only) each to Rs.50,00,00,000 (Rupees Fifty Crores only) divided into 5,00,00,000 (Five Crores) Equity Shares of Rs.10 (Rupees Ten only) each and consequent alteration of Clause V of the Memorandum of Association of the Company.

Shares of Quint Digital Media Ltd was last trading in BSE at Rs. 420.00 as compared to the previous close of Rs. 417.45. The total number of shares traded during the day was 971 in over 15 trades.

The stock hit an intraday high of Rs. 429.95 and intraday low of 361.50. The net turnover during the day was Rs. 407131.00.

Source : Equity Bulls

Keywords

QuintDigitalMedia INE641R01017 RightsIssue FundRaising