Mitsu Chem Plast Limited Rights Issue Subscribed 2.34 Times

Mitsu Chem Plast Limited (BSE:540078), one of the largest manufactures of Blow Molding, Injection Molding and Customized Molding, announce its Rights Issue which has been oversubscribed by 2.34 times.

A total of 15,09,075 equity shares were offered for subscription at a face value of ₹ 10 each. The overwhelming response saw the company receiving bids for 35,30,921 equity shares, reflecting the confidence of investors in Mitsu Chem Plast's growth trajectory.

The Rights Issue was priced at ₹ 144 per right equity share, with 50% of the Issue Price payable on application (i.e., ₹ 72). The Right Entitlement Ratio stood at 1 Equity Share for every 8 Fully Paid Equity Shares.

Mr. Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited, said, "We are grateful for the response to our rights issue. This remarkable response signifies the market's recognition of our company's robust business strategies and our team's unwavering dedication. We are deeply thankful for the trust and confidence shown in us.

This accomplishment underscores our unwavering dedication to excellence, ingenuity, and enduring progress. We eagerly anticipate the possibilities that lie ahead and stand ready to deploy these resources thoughtfully, fortifying our position within the industry. Our pledge to foster sustainable growth and drive innovation remains steadfast, and we are enthusiastic about harnessing these funds to propel our company to unprecedented achievements within the industry."

Shares of Mitsu Chem Plast Ltd was last trading in BSE at Rs. 167.50 as compared to the previous close of Rs. 167.45. The total number of shares traded during the day was 22479 in over 365 trades.

The stock hit an intraday high of Rs. 172.90 and intraday low of 163.20. The net turnover during the day was Rs. 3775045.00.

Source : Equity Bulls

Keywords

MitsuChemPlast INE317V01016 FundRaising RightsIssue Oversubscription