Rap Media clarifies on open offer news

With reference to the news item appearing in a leading financial daily titled "Open Offer talk helps Rap step up the rate", Rap Media Ltd has clarified that the news item is speculative in nature. After reading the news item the Company checked the shareholding of Jai Corp Ltd., Nidhi Polyester Ltd and Polyole Fiber Ltd and found that it remains unchanged. All these three entities have not purchased any shares and therefore their shareholding remains the same as was after the Company made allotment to them on preferential basis.

The Company has also not received any communication from these entities regarding their intention to purchase additional shares from the market or in any way increasing their shareholding.

Therefore the Company has no comments to offer on the aforesaid news item.

The stock closed the day at Rs.468.60, up by Rs.13 or 2.85%. The total traded quantity was 176336 compared to 2 week average of 31601.

The stock hit an intraday high of Rs.478.35 and low of Rs.455.

Source : Equity Bulls

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