New Delhi: Max Ventures and Industries Ltd on Monday said its board has approved raising Rs450 crore by way of rights issue.

The board of directors has considered and approved raising of funds by way of offer and issue of equity shares on rights basis for an amount aggregating Rs450 crore, the company said in a regulatory filing. The fund raise in subject to necessary approvals, it added.

Max Ventures and Industries stock closed 1.92% up at Rs92.70 on BSE.