Osiajee Texfab Limited board approves rights issue

The Board of Directors of Osiajee Texfab Limited has approved the issuance of equity shares of Rs. 10/- (face value) each of the Company on rights basis to eligible equity shareholders of the Company as on the record date (to be notified later), subject to necessary approvals and consent as may be necessary / required for compliance of applicable laws, including the provisions of the SEBI (ICDR) Regulations, 2009 and all other applicable provisions.

Further, the Board has constituted and authorised a 'Rights Issue Committee' to decide detailed terms and conditions of the Issue, including but not limiting to deciding the payment modalities / schedule thereof, issue price, rights entitlement ratio, record date, timings, other terms and conditions and all other related matters etc. The Company will initiate the Rights Issue process after Shareholder's approval for increase of authorised share capital of the Company to be considered at the ensuing annual general meeting of the Company.

The Board of Directors of the Company has also approved to amend the Capital clause of the Memorandum of Association of the Company pursuant to their approval to increase the authorised share capital of the Company from INR 6,00,00,000/- divided into 60,00,000 equity shares of INR 10/- each to INR 10,00,00,000/- divided into 1,00,00,000 equity shares of INR 10/- each, subject to the approval of the members in the ensuing Annual General Meeting of the Company.

Shares of Osiajee Texfab Ltd was last trading in BSE at Rs. 62.80 as compared to the previous close of Rs. 60.60. The total number of shares traded during the day was 82211 in over 449 trades.

The stock hit an intraday high of Rs. 63.50 and intraday low of 58.10. The net turnover during the day was Rs. 5000106.00.

Source : Equity Bulls

Keywords

OsiajeeTexfab INE186R01013 FundRaising RightsIssue