Tayo Rolls Board approves rights issue

Tayo Rolls Ltd has announced that to part finance the Forged Roll and Forging Project, the Board of Directors of the Company at its meeting held on October 15, 2007, has approved the issuance of Equity Shares of Rs 10/- each on Rights basis to the existing shareholders as on the Record Date to be decided at a later date, provided that the total amount in the aggregate does not exceed Rs 46 crores. The swap ratio and the premium to be charged on Rights shares would be decided at a later date by the Board / Committee of Board in consultation with the Lead Manager.

The stock closed the day at Rs.317.80, up by Rs.34.95 or 12.36%. The stock hit an intraday high of Rs.325 and low of Rs.287.

The total traded quantity was 21416 compared to 2 week average of 9252.

Source : Equity Bulls

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