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Pricol gains after board OKs rights issue terms

Capital Market 

Pricol rose 1.68% to Rs 60.55 after the company said its board approved the rights issue price at Rs 30 per share.

The company's board at its meeting held on 19 November approved issuing 2,70,84,777 rights equity shares, for an amount aggregating up to Rs 81.25 crore.

The rights entitlement ratio is set at 2 rights shares for every 7 equity shares held by eligible shareholders as on the record date fixed on 25 November 2020.

The rights issue will open on 3 December 2020 and it will close on 17 December 2020. The rights issue price of Rs 30 per share is at a 50.45% discount to the ruling market price.

On 4 September 2020, the board of Pricol had approved a proposal to raise up to Rs 100 crore through rights issue of equity shares of the company.

Pricol is a leading manufacturer of automotive components for the global automotive market.

Pricol's net profit jumped 315% to Rs 19.5 crore on a 37.2% rise in net sales to Rs 320.59 crore in Q2 September 2020 over Q2 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 09:47 IST
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