Patel Engineering Ltd board approves Rs. 350 crores rights issue

The board of directors ("Board") of Patel Engineering Limited at their meeting held today, i.e. December 16, 2022, approved the raising of funds, through issuance and allotment of equity shares having face value of ₹ 1 each up to an aggregate amount of ₹ 350 crores (Rupees Three Hundred Fifty Crores), on rights basis and on such terms (as decided by the Board or a constituted committee of the Board, at a later date) to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently), subject to receipt of regulatory / statutory approvals and approved other related matters including the constitution of a Rights Issue Committee to implement the proposal of Rights Issue.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 21.10 as compared to the previous close of Rs. 21.75. The total number of shares traded during the day was 357376 in over 968 trades.

The stock hit an intraday high of Rs. 21.90 and intraday low of 21.00. The net turnover during the day was Rs. 7623400.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 FundRaising RightsIssue