Bajaj Finserv fixes 1:10 rights issue price at Rs.650

The Special Committee constituted by the Board of Directors of Bajaj Finserv Ltd, in its meeting held on August 29, 2012, have decided the terms and conditions in relation to the proposed rights issue of equity shares of the Company ("Issue").

The committee has fixed the Rights Issue Price as Rs. 650/- per Equity Share (including premium of Rs. 645/- per share). The Rights entitlement ratio for the Issue is One Equity share for every Ten Equity shares (1:10) held as on the record date.

The issue of equity shares on a rights basis to its existing equity shareholders would aggregate to Rs.941 Crores approximately and the designated Stock Exchange for the issue is National Stock Exchange of India Ltd.

All the equity shares to be issued pursuant to the Issue shall rank pari passu with the existing equity shares of the Company.

The Bajaj Finserv Ltd stock was trading at Rs.771.45, down by Rs.24.50 or 3.08%. The stock hit an intraday high of Rs.814.90 and low of Rs.752.90.

The total traded quantity was 1.45 lakhs compared to 2 week average of 0.81 lakhs.

Source : Equity Bulls

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