Yarn Syndicate Ltd allots 1.80 crore partly paid-up shares on rights basis

The Rights Issue Committee of Directors of Yarn Syndicate Limited in their meeting held today i.e. Tuesday, 27th February, 2024 at the Corporate Office of the Company situated at Shop No 128 Supemall-2 GH-0 Circle, Infocity, Gandhinagar - 382007, Gujarat, which commenced at 1:00 P.M. and concluded at 1:45 P.M. inter-alia had considered and approved the allotment of 1,80,00,000 (One Crore Eighty Lakhs) Partly Paid-up Equity Shares with paid-up value of Rs. 5.00/- each and face value of Rs. 10.00/- each on a Rights basis to the eligible equity shareholders of the Company at a price of Rs. 27.00/- (Rupees Twenty Seven Only) per equity share (including a share premium of Rs. 17.00/- per equity share) in the ratio of 24:5 i.e. 24 (Twenty Four) Rights Equity shares for every 5 (Five) fully paidup Equity shares held by the eligible equity shareholders as on the Record date i.e. Wednesday, 24th January, 2024.

Out of issue price of Rs. 27.00/‐ per rights equity share, Rs. 13.50/‐ per rights equity share including a share premium of Rs. 8.50/‐ per rights equity share had been paid on application and the balance amount shall be payable on 1st and Final call at such time as may be determined by the Board in consultation with the Rights Issue Committee.

The said allotment is pursuant to the Letter of Offer dated 25th January, 2024 and the Basis of Allotment as approved by BSE Limited ("BSE"), the Designated Stock Exchange for this issue.

Consequent to the said allotment, the Paid-up Equity Share Capital of the Company shall be as follows:

Equity shares of Rs. 10.00/- each (Fully Paid-up) - 37,50,000 - Rs. 3,75,00,000/-

Equity shares of Rs. 5.00/- each (Partly Paid-up) - 1,80,00,000 - Rs. 9,00,00,000/-

Shares of YARN SYNDICATE LTD. was last trading in BSE at Rs. 30.05 as compared to the previous close of Rs. 31.46. The total number of shares traded during the day was 27687 in over 118 trades.

The stock hit an intraday high of Rs. 32.89 and intraday low of 30.00. The net turnover during the day was Rs. 848183.00.

Source : Equity Bulls

Keywords

YARNSYNDICATE INE564C01013 PartlyPaidShares Allotment RightsIssue