Saboo Sodium Chloro Ltd to raise Rs. 18 crore from rights issue

The Board of Directors ('Board') of Saboo Sodium Chloro Limited ("Company"), in its meeting held today, viz. Friday, 7th January, 2022 considered and approved the fund raising of an amount not exceeding Rs. 18,00,00,000/- (Rupees Eighteen Crore only), through a Rights issue to the eligible equity shareholders of the Company as on Record date (to be notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (lssue of Capital and Disclosure Requirements) Regulations, 2018, as amended, SEBI Listing Regulations, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013. ("Rights Issue").

The board approved constitution of the Rights issue Committee to proceed with the Rights issue and, decide the other terms and conditions of the Rights Issue, including deciding on the record date, determining the rights issue price, rights entitlement ratio, appointment of intermediaries and other related matters.

The board approved increase in Authorised Share Capital from Rs. 25,00,00,000 (Rupees Twenty Five Crores Only) to Rs. 45,00,00,000 (Rupees Forty Five Crores Only) and consequent amendment in the Capital Clause of the Memorandum of Association of the Company. The said resolutions is subject to approval by the members of the Company.

The board also approved appointment of Finshore Management Services Limited ("Merchant Banker") as the Lead Manger to the Rights Issue.

Shares of SABOO SODIUM CHLORO LTD. was last trading in BSE at Rs. 23.60 as compared to the previous close of Rs. 22.50. The total number of shares traded during the day was 69342 in over 77 trades.

The stock hit an intraday high of Rs. 23.60 and intraday low of 23.60. The net turnover during the day was Rs. 1636471.00.

Source : Equity Bulls

Keywords

SABOOSODIUMCHLORO INE440C01016 FundRaising RightsIssue