Kesoram Industries gains on board nod for Rs 500-cr rights issue

The company has appointed SBI Capital Markets Limited and Religare Capital Markets Limited as the lead managers to the rights issue.

Kesoram Industries is trading higher by 4% at Rs 144 after its board approved a proposal for the issue of equity shares on ''rights basis' for an amount not exceeding Rs 500 crore.

The diversified company of B K Birla Group has appointed SBI Capital Markets Limited and Religare Capital Markets Limited as the lead managers to the rights issue.

“The record date, issue price per equity share, rights issue ratio, timing and other modalities for the rights issue shall be finalised by the board or a duly constituted committee thereof,” Kesoram Industries said in a filing.

The stock opened at Rs 160 and hit a low of Rs 141 on the National Stock Exchange. A combined 21,977 shares have changed hands on the counter in opening deals on both the exchanges.