Federal-Mogul board approves 23.16 mn share rights issue

Federal-Mogul board approves 23.16 mn share rights issue
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First Published: Mon, Oct 27 2008. 01 17 PM IST
Updated: Mon, Oct 27 2008. 01 17 PM IST
Mumbai: Auto parts maker Federal-Mogul Goetze (India) Ltd said that its board approved a rights issue of about 23.16 million shares at an issue price of Rs56 each.
The firm will raise Rs1.3 billion through the rights issue and will offer 71 shares for every 100 held by existing shareholders, it said on Monday.
Shares were up 3.39% at Rs32 on the NSE. They had earlier hit a high of Rs34.
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First Published: Mon, Oct 27 2008. 01 17 PM IST