Board of Orient Paper & Industries approves rights issue

At meeting held on 15 September 2016

Orient Paper & Industries announced that at the meeting of the Board of Directors held on 15 September 2016:

1. Decided to raise capital through rights issue of equity shares of the Company for an amount aggregating to Rs. 50 crore at a ratio, price, record date and other matters to be fixed at a later date, subject to necessary approvals;

2. Accorded in-principle consent of the Board for vertical demerger of consumer electric business of the Company into a wholly owned subsidiary (to be incorporated), subject to the final approval of the Board of the proposed terms of the demerger.

 

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