Tierra Agrotech Ltd board approves rights issue

The Board of Directors of Tierra Agrotech Ltd at its Meeting held today, i.e. on Wednesday, July 05, 2023, have considered and unanimously approved the offer and issuance of equity shares of the Company (the "Equity Shares") for an amount, including premium, not exceeding Rs. 49.90 Crores (Rupees Forty Nine Crores Ninety Lakhs) by way of a rights issue to the eligible equity shareholders of the Company as on the record date (to be determined and 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, subject to such approvals, as may be required under the applicable laws ("Rights Issue").

The Board constituted a Rights Issue Committee to decide on the matters which include, to approve the draft letter of offer, letter of offer along with any amendments, supplements, notices or corrigenda thereto, pricing and terms of the equity shares, right entitlement ratio, date of on-market renunciation, the bid-issue opening and closing date, discount (if any) and all other related matters, including the determination of the minimum subscription for the issue, appointment of Registrar to the Issue, legal counsel, advisors and other intermediaries in accordance with applicable laws.

Shares of Tierra Agrotech Limited was last trading in BSE at Rs. 125.40 as compared to the previous close of Rs. 119.45. The total number of shares traded during the day was 924 in over 40 trades.

The stock hit an intraday high of Rs. 127.00 and intraday low of 117.00. The net turnover during the day was Rs. 112404.00.

Source : Equity Bulls

Keywords

TierraAgrotech INE05CY01014 AgriculturalProducts FundRaising RightsIssue