State Bank of Travancore is trading higher by nearly 4% to Rs 613 after the bank said its board has approved the rights issue of the equity shares of the bank for up to Rs 485 crore.
The board of directors of the bank at its meeting held on June 20, 2014, has approved rights issue of equity shares of the bank, to the existing shareholders for an amount aggregating up to Rs 485 crore, State Bank of Travancore said in a statement.
The board on March 26 had given an in-principle approval to raise Rs 629 crore from the rights issue.
The terms and conditions of the rights issue including the rights entitlement ratio the issue price, record date, timing of the rights Issue and other related matters shall be decided subsequently, it added.
The stock opened at Rs 595 and hit a high of Rs 615 on BSE. A combined 10,200 shares changed hands on the counter till 0930 hours on BSE and NSE.
The board of directors of the bank at its meeting held on June 20, 2014, has approved rights issue of equity shares of the bank, to the existing shareholders for an amount aggregating up to Rs 485 crore, State Bank of Travancore said in a statement.
The board on March 26 had given an in-principle approval to raise Rs 629 crore from the rights issue.
The terms and conditions of the rights issue including the rights entitlement ratio the issue price, record date, timing of the rights Issue and other related matters shall be decided subsequently, it added.
The stock opened at Rs 595 and hit a high of Rs 615 on BSE. A combined 10,200 shares changed hands on the counter till 0930 hours on BSE and NSE.
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