Trent to raise upto Rs 500 crores through rights issue

Trent Ltd has announced that, the Board of Directors had at its meeting held on April 26, 2010 approved the issue of securities by the Company on a rights basis to its shareholders to raise an amount not exceeding Rs. 500 crores.

The Committee of the Board of Directors appointed in this regard has at its meeting held on May 10, 2010, proposed the issue of Cumulative Compulsory Convertible Preference Shares ("CCPS") on a rights basis to the equity shareholders of the Company. The Company will now proceed to file the Draft letter of offer with Securities and Exchange Board of India (SEBI) / Stock Exchanges. The ratio, price and other terms of the CC to be issued would be decided at a later date in accordance under the applicable laws and regulations.

The stock was trading at Rs.798.05, down by Rs.5.35 or 0.67%. The stock hit an intraday high of Rs.810 and low of Rs.790.

The total traded quantity was 529 compared to 2 week average of 3492.

Source : Equity Bulls

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