Rajapalayam Mills Ltd board approves rights issue of Rs. 70 crores

The Board of Directors of Rajapalayam Mills Ltd has, at its meeting held today, considered and approved the fund raising by the Company for an amount aggregating up to Rs. 70 Crores by issue of equity shares of face value of Rs. 10/- each ("Equity Shares") on a rights basis to all existing equity shareholders of the Company as on a record date (to be notified later) and on such terms and conditions as may be decided by the Board or committee thereof ("Rights Issue") subject to requisite approvals from the statutory, regulatory and other authorities, as applicable.

The board has also constituted a committee for the Rights Issue ("Rights Issue Committee") and authorized the Rights Issue Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper, and desirable for the purpose of and in connection with the Rights Issue.

Shares of RAJAPALAYAM MILLS LTD. was last trading in BSE at Rs.707.3 as compared to the previous close of Rs. 713.4. The total number of shares traded during the day was 1874 in over 106 trades.

The stock hit an intraday high of Rs. 721.5 and intraday low of 703.6. The net turnover during the day was Rs. 1327696.

Source : Equity Bulls

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