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Rainbow Foundations Ltd board approves rights issue

Posted On: 2021-10-14 17:38:57 (Time Zone: IST)

The Board of Directors of Rainbow Foundations Ltd. at their Meeting held on 14th October, 2021 at 01.00 PM, have considered and approved the variation in terms of Non-Convertible Redeemable Cumulative Preference Shares (NCRCPS) in accordance with the provisions of section 48 and 55 of the Companies Act, 2013subject to the approval NCRCPS holder and members of the Company in the ensuing annual general meeting.

The board had further discussion on the Rights Issue of the Equity Shares of the Company and approval of the constitution of the Rights Issue Committee for the purpose of the Rights Issue of Equity Shares by the Company, as was approved by the Board of Directors of the Company in its meeting held on September 11, 2021.

The board also approved appointment of M/s Turnaround Corporate Advisors Private Limited, a SEBI Registered Category-I Merchant Banker, as Lead Manager to the Issue, in connection with the proposed Rights Issue by the Company and appointments of various Intermediaries, viz. Registrar to the Issue, Legal Advisors, etc., in connection with the proposed Rights Issue by the Company.

The board also approved increase in the Authorized Share Capital of the Company from Rs. 70,00,00,000 (Rupees Seventy Crores) divided into 2,00,00,000 (Two Crore) Equity Shares of Rs. 10/- each amounting to Rs. 20,00,00,000 (Rupees Twenty Crores only) and 5,00,00,000 (Five Crore) Preference Shares of Rs. 10/- each amounting to Rs. 50,00,00,000 (Rupees Fifty Crores Only) to Rs. 1,10,00,00,000 (Rupees One Hundred Ten Crores) divided into 6,00,00,000 (Six Crore) Equity Shares of Rs. 10/- each amounting to Rs. 60,00,00,000 (Rupees Sixty Crores) and 5,00,00,000 (Five Crore) Preference Shares of Rs. 10/- each amounting to Rs. 50,00,00,000 (Rupees Fifty Crores Only subject to the approval of the members of the Company in their ensuing annual general meeting and consequent Alteration in the Memorandum and the Articles of Association of the Company.

Shares of RAINBOW FOUNDATIONS LTD. was last trading in BSE at Rs. 16.40 as compared to the previous close of Rs. 16.45. The total number of shares traded during the day was 5594 in over 21 trades.

The stock hit an intraday high of Rs. 16.45 and intraday low of 15.55. The net turnover during the day was Rs. 91273.00.

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