Intellect Design Arena drops after announcing rights issue

Intellect Design Arena lost 4.56% to Rs 122.40 on BSE after the company's board approved rights issue of equity shares.

Meanwhile, the S&P BSE Sensex was down 8.71 points, or 0.03% at 31,360.63. The S&P BSE Small-Cap index was up 41.09 points, or 0.26% at 15,830.76.

On the BSE, 1.81 lakh shares were traded on the counter so far as against the average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 128.55 and a low of Rs 121.10 so far during the day. The stock had hit a 52-week high of Rs 233 on 28 July 2016 and a 52-week low of Rs 107.75 on 15 February 2017.

The small-cap company has equity capital of Rs 50.90 crore. Face value per share is Rs 5.

Intellect Design Arena said that the company's board has approved rights issue of equity shares for upto Rs 198.97 crore in ratio of 5 rights equity shares for 22 equity shares held. The issue price is Rs 86 per share and 18 July 2017 is fixed as record date for rights issue. The rights issue will open on 26 July 2017 and close on 9 August 2017.

Intellect Design Arena reported net loss of Rs 24.93 crore in Q4 March 2017, compared with net loss of Rs 22.06 crore in Q3 December 2016. Total income rose 10.58% to Rs 144.18 crore in Q4 March 2017 over Q3 December 2016.

Intellect Design Arena is engaged in the business of software development, and providing software product license and related services.

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