Seacoast Shipping Services Limited board approves 3:5 rights issue

The Rights Issue Committee of the Board of directors of Seacoast Shipping Services Limited at its meeting held today, i.e. Friday, 7th July 2023, have considered and approved the terms of the Right Issue.

Total number of Equity Shares and Rights Issue size: 20,20,05,000 Fully paid-up Equity Shares of ₹ 1/- (Rupees One Only) each at an issue price of ₹ 2.40/- (Rupees Two and Forty Paisa Only) per equity share aggregating to ₹ 48,48,12,000/-.

Right Issue Price : ₹ 2.40 per fully paid up Equity Shares (including a premium of ₹ 1.40 per Equity Share).

Right Entitlement Ratio : 3 (Three) new Right Shares for every 5 (Five) Existing Equity Shares held by the eligible shareholders as on the Record Date.

Record Date : Fixed the Record Date on Thursday 13th July, 2023 for the purpose of determining the eligible shareholder to apply for the Right Issue.

Right Issue Period :

Issue Opening Date: Friday, 21st July 2023
Issue Closing Date: Monday, 31st July 2023

Terms of Payment : The Issue Price of Rs.2.40/- per Equity Share shall be payable at the time of application.

Outstanding of Equity Shares :

Prior to the Right Issue: 33,66,75,000 Equity Shares
Post Right Issue#: 53,86,80,000 Equity Shares
# assuming full subscription

Source : Equity Bulls

Keywords

SeacoastShippingServices FundRaising RightsIssue RecordDate 3For5