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Exide Industries gets board nod for rights issue

Exide Industries gets board nod for rights issue
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First Published: Tue, Aug 28 2007. 06 53 PM IST
Updated: Tue, Aug 28 2007. 06 53 PM IST
PTI
Mumbai: Lead storage batteries manufacturer Exide Industries said on 28 August it has received board of directors approval for raising Rs150 crore through the issue of 50 million equity shares on rights basis.
“The enhanced capital will add more floating stock and therefore increase the liquidity of the scrip in the stock market,” Exide Industries managing director and CEO, T Ramanathan said in a filing to BSE.
At its meeting today, the board approved the allotment of up to 50 million shares of Re1 each for cash at a premium of Rs29 each on rights basis, the company added.
These shares would be alloted in the ratio 1:15 wherein one share would be alloted for every 15 equity shares held by shareholders.
The funds would be utilised to augment the long-term resources of the company. Post-issue the company’s equity capital would stand at Rs80 crore, up from the current Rs75 crore.
The board has appointed SBI Capital Markets a the lead manager to the proposed rights issue by the company.
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First Published: Tue, Aug 28 2007. 06 53 PM IST