WeP Solutions Ltd announces 3:8 rights issue at Rs. 10

The Board of directors of WeP Solutions Ltd at their meeting held on November 6, 2020 had approved an offer for issuance of fully paid-up equity shares of the Company for an amount not exceeding Rs. 10 Crores (Rupees Ten Crores) by way of a Rights Issue to all the eligible equity shareholders of the Company as on the record date (to be notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, along with the relevant circulars issued by the Securities and Exchange Board of India ("Rights Issue").

A meeting of the Rights Issue Committee of the Board Members of the Company held on 20th November 2020 has approved the Issue on the following terms:

Instrument: Equity shares of Face Value ₹ 10 each ("Rights Equity Shares").

Rights Issue Price: ₹ 10/ - per equity share at par.

Number of Rights Equity Shares to be issued: 98,68,640 Rights Equity Shares, for an amount aggregating to ₹ 9,86,86,400/- (assuming full subscription).

- Rights Entitlement Ratio: 3 Equity Shares for every 8 Equity Shares held by eligible Equity Shareholders of the Company as on the record date. The record date shall be notified subsequently.

Shares of WEP SOLUTIONS LTD. was last trading in BSE at Rs.18.2 as compared to the previous close of Rs. 18.2. The total number of shares traded during the day was 2041 in over 19 trades.

The stock hit an intraday high of Rs. 18.8 and intraday low of 17.45. The net turnover during the day was Rs. 37221.

Source : Equity Bulls

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