IL&FS Engineering and Construction Company Ltd Board approves Rights Issue of Equity Shares

The Board of Directors of IL&FS Engineering and Construction Company Ltd at its meeting held on October 09, 2013, had approved the issue of Equity Shares of face value of Rs. 10 each to the existing Equity Shareholders on Rights basis (Rights Issue), up to Rs. 300 Crores, at a price of 7.5% less than the closing price of the share at NSE on October 09, 2013, subject to all applicable statutory and regulatory approvals.

The terms and conditions of the Rights Issue, including the rights entitlement ratio, issue size, record date, timing of the issue and other matters shall be decided in consultation with the Lead Manager to the Rights Issue.

The Board has resolved to convene Extra-Ordinary General Meeting of Shareholders of the Company on November 11, 2013 to approve the increase of Authorized Capital in order to facilitate the Rights Issue.

Shares of IL&FS Engineering and Construction Company Ltd last traded in BSE at Rs.37.60, up by Rs.3.40 or 9.94%. The stock hit an intraday high of Rs.37.60 and low of Rs.32.05.

The total traded quantity was 0.22 lakhs compared to 2 week average of 9084.

Source : Equity Bulls

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