GI Engineering Solution Limited fixes record date for 11:8 rights issue at Rs. 10

The Board of Directors of GI Engineering Solution Limited in their meeting held today i.e Tuesday, April 11, 2023 at the Corporate Office of the Company, has considered and approved the following terms of the Rights Issue, in terms of the shareholder approval obtained in their Annual General Meeting held on September 30, 2022, and Draft Letter of Offer dated February 2, 2023 submitted with the Stock Exchanges for obtaining requisite 'In Principle Approval' for proposed Right Issue of upto Rs. 49.95 Crore, and 'In Principle Approvals' received from i) National Stock Exchange of India Limited (NSE) and ii) BSE Limited.

Total number of securities proposed to be issued - Up to 4,98,60,082 Equity Shares of face value having Rs. 10/- each for an amount aggregating up to Rs. 49,86,00,820/-

Right entitlement Ratio - 11 (Eleven) Equity Shares for every 8 (Eight) Equity Shares held by the Eligible Equity Shareholders of the Company as on the record date with the right to renounce.

Issue Price - Rs.10/- per Equity Share

Record Date for the purpose of determining the shareholders entitled for Rights Issue ("Eligible Equity Shareholders") - Tuesday, April 18, 2023

Right Issue Period

Right Issue Opening Date - Thursday, April 27, 2023
Last Date for on Market Renunciation of Rights Entitlement - Wednesday, May 3, 2023
Right Issue Closing Date - Tuesday, May 9, 2023

Outstanding Equity Shares prior to the Rights Issue - 3,62,61,878 Equity shares of Rs. 10/- each.

Outstanding Equity Shares post Right Issue (assuming full subscription) - 8,61,21,960 Equity shares of Rs. 10/- each.

Terms of Payment - Full amount of Rs. 10/- per Equity Share payable on application.

Shares of GI Engineering Solutions Limited was last trading in BSE at Rs. 17.02 as compared to the previous close of Rs. 16.21. The total number of shares traded during the day was 280495 in over 133 trades.

The stock hit an intraday high of Rs. 17.02 and intraday low of 17.02. The net turnover during the day was Rs. 4774024.00.

Source : Equity Bulls

Keywords

GIEngineeringSolutions INE065J01016 FundRaising RightsIssue RecordDate