Hind Rectifiers Ltd Board approves Rights Issue of equity shares

The Board of Directors of Hind Rectifiers Ltd has, at their meeting held on January 15, 2017, has considered and approved raising of funds upto Rs. 12 crores by way of offer and issue of equity shares to the existing shareholders of the Company on a rights basis (Right Issue), at such issue price and right entitlement ratio as may be decide by the Board in consultation with Lead Manager, subject to necessary approvals, confirmation and consents as may be necessary/required for compliance of applicable law including the provisions of the SEBI (ICDR) Regulations, 2009, SEBI (LODR) Regulations, 2015 and the Companies Act, 2013.

Further Board also constituted a Committee of Directors (Right Issue Committee) and authorized such Committee to determine record date, timing of the issue, do the required process and decide all the matters relating to the right issue in consultations to Lead Manager. Such details shall be informed and/or announced in the due course as and when decided or required, as per applicable statutory provisions.

Shares of HIND RECTIFIERS LTD. was last trading in BSE at Rs.96.3 as compared to the previous close of Rs. 97.2. The total number of shares traded during the day was 2829 in over 35 trades.

The stock hit an intraday high of Rs. 98.5 and intraday low of 95.1. The net turnover during the day was Rs. 276185.

Source : Equity Bulls

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