Aerpace Industries Ltd board approves rights issue for raising Rs. 11 crores

The Board of Directors of Aerpace Industries Limited (Formerly Known as Supremex Shine Steels Limited) at its meeting held on 16th May 2023, has considered and approved the proposal for raising funds through the issue of fully paid up equity shares on rights basis to the existing equity shareholders of the Company for an amount aggregating upto Rs. 11 crores (Rupees Eleven Crores only), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (the "Rights Issue").

The Board has constituted a Rights Issue Committee and authorized its members to decide on the terms and conditions of the Issue, including but not limited to, the final Issue size/amount, rights entitlement ratio, the issue price, record date, timing of the Rights Issue, approval of draft letter of offer; appointment of intermediaries, if required; allotment of shares and other related matters.

The Board Members has also approved the Draft Letter of Offer ("DLOF") for raising of funds through issuance and allotment of fully paid up equity shares of Re. 1 each ("Equity Shares") to the eligible equity shareholders of the Company on a Rights basis, on such terms and at such price and ratio as may be decided by the Board (including Right Issue Committee) at a later date, as on the record date (to be notified later), for an amount not exceeding Rs. 11.00 Crores, subject to receipt of in-principle approval of BSE Limited and other approvals.

Shares of Supremex Shine Steels Ltd was last trading in BSE at Rs. 9.89 as compared to the previous close of Rs. 9.42. The total number of shares traded during the day was 112601 in over 57 trades.

The stock hit an intraday high of Rs. 9.89 and intraday low of 9.89. The net turnover during the day was Rs. 1113623.00.

Source : Equity Bulls

Keywords

AerpaceIndustries INE175N01023 FundRaising RightsIssue