Arvind Fashions Ltd board approves revision in rights issue size, ratio and price

The Board of Directors of Arvind Fashions Ltd has, at its meeting held on today, considered and approved, the revision in the size of the Rights Issue from up to Rs. 299.64 Crores up to Rs. 399.79 Crores.

The board also approve revision in the issue price of the Rights Issue from Rs. 150 per Rights Equity Share to Rs. 100 per Rights Equity Share (including premium of Rs. 96 per Rights Equity Share) and consequently, revised rights entitlement ratio of 62 (Sixty Two) Rights Equity Shares for every 91 (Ninety One) Equity Shares of the Company held by eligible equity shareholders as on the Record Date, i.e., March 18, 2020 pursuant to relaxation granted by SEBI.

The issue opens for subscription on Monday, June 29, 2020 and closes on Friday, July 17, 2020.

The last date for on market renunciation of rights entitlements is Monday, July 13, 2020 and the last date for off market renunciation of rights entitlements is Thursday, July 16, 2020.

The eligible equity shareholders are requested to ensure that renunciation through off-market transfer is completed in such a manner that the Rights Entitlements are credited to the demat account of the renouncees on or prior to the issue closing date.

Full amount of Rs. 100 per Rights Equity Share is payable on application by the Eligible Equity Shareholders.

The outstanding equity shares prior to the Rights Issue is 5,86,79,364 Equity Shares of Rs. 4 each and the outstanding equity shares post Rights Issue (assuming full subscription) will be 9,86,58,711 Equity Shares of Rs. 4 each.

Shares of Arvind Fashions Ltd. was last trading in BSE at Rs. 182.15 as compared to the previous close of Rs. 183.90. The total number of shares traded during the day was 11300 and the deliverable quantity was 8634.

The stock hit an intraday high of Rs. 184.90 and intraday low of 177.80. The total turnover during the day was Rs. 20.45 lakhs.

Source : Equity Bulls

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