The board meeting held today, ie December 27, 2022, has inter alia considered and approved the terms of the rights issue, it added.
The size of the rights issue is 3,58,96,594 fully paid-up equity shares for an amount aggregating to Rs 43,07,59,128 at an issue price of Rs 12 per piece, including a premium of Rs 2 per scrip.
The record date for the issue will be January 13, 2023, (Friday) for the purpose of determining the names of the equity shareholders who would be eligible to receive the rights entitlement in the issue (Eligible Equity Shareholders).
The outstanding equity shares prior to the rights issue are 8,97,41,486 equity shares while post rights issue, those would be 12,56,38,080 equity shares assuming full subscription.
Two equity shares will be allocated for every five equity shares held by the eligible equity shareholders of the company, as on the record date.