Vimal Oil & Foods Rights and Public Issue called off due to under subscription

Indbank Merchant Banking Services Ltd acting as the co lead manager of composite issue of Vimal Oil & Foods Ltd has announced that, the Rights issue of Vimal Oil & Foods Ltd was subscribed to the extent of Rs 757.12 lakhs against Rs 750 lakhs making subscription upto 1.01 times and the public issue was subscribes to the extent of Rs 1555 lakhs against Rs 2150 lakhs making subscription upto 0.72 times.

Pursuant to clause 6.13.1.7(c) as per SEBI Guidelines "Minimum Subscription" has not been satisfied jointly for both rights and public issue, hence the issue has been called off.

The company had come out with simultaneous public and rights issue to raise funds. Shares of the company closed at Rs.28.55, down by Re.0.25 or 0.87% on volume of 81703 shares compared to 2 week average quantity of 201171 shares.

Source : Equity Bulls

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