HOEC Updates on Rights Issue

Hindustan Oil Exploration Company Ltd (HOEC) has announced that the Company has come out with the Rights Issue of 19,581,645 equity shares of Rs 10 each at a premium of Rs 66 per share, aggregating an amount of Rs 1,488.21 million to the equity shareholders on Rights Basis. The issue was opened on September 07, 2006 and Closed on October 06, 2006. The issue was oversubscribed by 1.24 times.

As per SEBI-DIP guidelines, the Company had placed security deposit amounting to 1% of the Rights Issue with the Bombay Stock Exchange Ltd.

As the mandatory period of 4 months have elapsed and the Company's security deposit amounting to 1% of the Rights Issue is due for release.

Source : Equity Bulls

Keywords