Shalimar Paints gains after board's nod for rights issue

Shalimar Paints was up 1.37% at Rs 203.70 at 10:17 IST on BSE after the company said its board approved the proposed rights issue of equity shares of the company for a maximum issue size of Rs 50 crore.

The announcement was made after market hours on Friday, 15 December 2017.

Meanwhile, the S&P BSE Sensex was up 163.74 points or 0.49% at 33,626.71.

On the BSE, 8,264 shares were traded on the counter so far as against the average daily volumes of 11,665 shares in the past one quarter. The stock had hit a high of Rs 204.45 and a low of Rs 195.60 so far during the day. The stock had hit a record high of Rs 320.30 on 17 May 2017 and a 52-week low of Rs 129.65 on 27 December 2016.

The small-cap company has equity capital of Rs 3.79 crore. Face value per share is Rs 2.

Shalimar Paints' board of directors, at its meeting held on Friday, 15 December 2017, approved the proposed rights issue of equity shares of the company. The rights issue price is Rs 140 per share and the maximum issue size is Rs 50 crore. The rights entitlement ratio is fixed at 6:32. The record date for rights issue is 29 December 2017.

Shalimar Paints reported a net loss of Rs 9.80 crore in Q2 September 2017, compared with net profit of Rs 2.50 crore in Q2 September 2016. Net sales declined 27.9% to Rs 70.81 crore in Q2 September 2017 over Q2 September 2016.

Shalimar Paints is engaged in manufacturing paints, varnishes, enamels or lacquers.

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