Amal Ltd to raise upto Rs. 50 crore through rights issue

The Board of Directors of Amal Ltd in its meeting held on Wednesday, December 14, 2022 from 02:00 pm to 02:50 pm approved the proposal of raising funds by issue of equity shares of face value of Rs. 10 each by way of a rights issue for an aggregate amount less than Rs. 50cr to the eligible equity shareholders of the Company in accordance with provisions of the Companies Act, 2013 and the rules framed thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws, subject to the receipt of applicable regulatory / statutory approvals and other incidental / related matters.

The board also approved constitution of a committee of the Board of Directors of the Company for the rights issue, namely Rights Issue Committee ("Committee") and authorised the Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper and desirable for the purpose of and in connection with the rights issue.

Shares of AMAL LTD. was last trading in BSE at Rs. 323.55 as compared to the previous close of Rs. 335.70. The total number of shares traded during the day was 4264 in over 141 trades.

The stock hit an intraday high of Rs. 353.00 and intraday low of 323.00. The net turnover during the day was Rs. 1399355.00.

Source : Equity Bulls

Keywords

AMAL INE841D01013 SpecialtyChemicals FundRaising RightsIssue