IL&FS Engineering and Construction Company has rallied over 6% at Rs 36.30 in early morning deals on the National Stock Exchange (NSE) after the board fixed the price of around Rs 32 per share for its proposed rights issue.
The stock opened at Rs 34.25 and hit a high of Rs 37.40 so far. A combined around 4,000 shares change hands on the counter till 0918 hours on NSE and BSE.
The board of directors of the company at its meeting held on October 09, 2013, had approved the issue of equity shares of face value of Rs 10 each to the existing equity shareholders on rights basis, up to Rs 300 crore, at a price of 7.5% less than the closing price of the share at NSE on October 09, 2013, subject to all applicable statutory and regulatory approvals, IL&FS Engineering said in a statement.
On Wednesday, the stock had closed at Rs 34.20 on the NSE.
The company said, the terms and conditions of the rights issue, including the rights entitlement ratio, issue size, record date, timing of the issue and other matters shall be decided in consultation with the lead manager to the rights issue.
The stock had rallied over 30% from Rs 28.45 on October 4, after the company announced that its board will consider rights issue of equity shares.
The stock opened at Rs 34.25 and hit a high of Rs 37.40 so far. A combined around 4,000 shares change hands on the counter till 0918 hours on NSE and BSE.
The board of directors of the company at its meeting held on October 09, 2013, had approved the issue of equity shares of face value of Rs 10 each to the existing equity shareholders on rights basis, up to Rs 300 crore, at a price of 7.5% less than the closing price of the share at NSE on October 09, 2013, subject to all applicable statutory and regulatory approvals, IL&FS Engineering said in a statement.
On Wednesday, the stock had closed at Rs 34.20 on the NSE.
The company said, the terms and conditions of the rights issue, including the rights entitlement ratio, issue size, record date, timing of the issue and other matters shall be decided in consultation with the lead manager to the rights issue.
The stock had rallied over 30% from Rs 28.45 on October 4, after the company announced that its board will consider rights issue of equity shares.
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