Coastal Corporation surged 4.44% to Rs 357.90 after the company's board gave green flag for fund raising up to Rs 50 crore through Rights Issue.
The board of Coastal Corporation also approved constitution of the "rights issue committee" to decide detailed terms and conditions of the rights issue. The company is yet to announce the record date for rights issue.Visakhapatnam-based Coastal Corporation is one of the leading manufacturer and exporter of a wide variety of shrimp. The company exports various grades of shrimp to countries such as the United States, Europe, Canada, the United Arab Emirates, Saudi Arabia, and Hong Kong.
On a consolidated basis, the company reported a 37.2% rise in net profit to Rs 4.72 crore on a 16.1% increase in net sales to Rs 146.13 crore in Q3 FY22 over Q3 FY21.
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