Ramco zooms on proposal to change rights issue terms

DALAL STREET SPIKES

Ramco Systems on Tuesday surged 7.46 per cent to close at Rs 106.65 after the company said its board will meet on September 11 to consider certain changes in the company’s proposed rights issue of Rs 173 crore.

The company made this announcement on September 8 (Monday) after market hours. Earlier on July 23, the board had decided to offer the rights issue in the ratio of 3:2, pricing the offer at Rs 75 a share (including a premium of Rs 65). The stock hit an intraday high of Rs 114 and a low of Rs 98.50.

A total of 53,853 shares changed hands on Tuesday vis-à-vis a two-week average of 4,433 shares, delivery volumes being close to 95 per cent.