Gala Global Products Ltd board approves rights issue

The board of directors of Gala Global Products Limited has considered and approved the issue up to 3,93,03,420 Partly Paid-up Equity Shares of Face value Rs 5/- each at issue price of Rs 11.85/- per equity share (including premium of Rs 6.85/- per Equity shares) aggregating of Rs 46,57,45,524.2/- to all existing member of the company on rights basis (right issue).

The board considered and approved the formation of a committee of Directors to decide matters relating to the Rights Issue ("Rights Issue Committee") which includes, to decide or alter the treatment to be given to fractional entitlements, if any to make any applications to the regulatory authorities as may be required, determine the terms and conditions of the Right Issue including structure and timing of the issue.

Details of the securities - Party paid-up equity shares with voting rights
- Type of issue - Rights issue of equity shares
Equity shares offered through the Issue - 3,93,03,420 Equity Shares(Rounded off)
Face Value per Equity Share - Rs. 5/-
Issue Price per Equity Share - Rs. 11.85/- (including premium of Rs. 6.85/- per equity shares)
Issue size - Not exceeding Rs 48,00,00,000/- (Forty eight crore)
Right entitlement ratio - 72 equity shares for every 100 equity shares held by the eligible equity shareholder in the company as on record date with right to renounce
Total equity shares post rights issue (assuming fully subscription) - Rs. 46,94,57,510 divided into Equity 9,38,91,502 Shares of Rs. 5/- each

Shares of Gala Global Products Ltd was last trading in BSE at Rs. 9.06 as compared to the previous close of Rs. 9.24. The total number of shares traded during the day was 16234 in over 128 trades.

The stock hit an intraday high of Rs. 9.06 and intraday low of 9.06. The net turnover during the day was Rs. 147080.00.

Source : Equity Bulls

Keywords

GalaGlobalProducts INE480S01026 FundRaising RightsIssue