Kesoram Industries to mop up upto Rs 500 crore through a rights

• Posted by Sindhuri G August 28, 2012 - Filed in Business - 2,084 views
  BSE

  138.00

  

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  Vol:3912 shares traded

  NSE

  138.10

  

  -2.15 (-1.53%)

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  KOLKATA: The board of Kesoram Industries on Wednesday approved the company's proposal to issue shares on a 'rights basis' for an amount not exceeding Rs 500 crore. SBI Capital Markets and Religare Capital Markets have been appointed as the lead managers to the rights issue.
  
  In a notice sent across to the stock exchanges, the company said that the equity shares will be offered to eligible equity shareholders of the company (including renouncees), subject to necessary sanctions, approvals and applicable provisions of law.
  
  Further, the record date, issue price per equity share, rights issue ratio, timing and other modalities for the rights issue will be finalised by the board or a duly constituted committee.
  Share pricing and fund utilisation will be worked out in consultation with the lead managers of the issue, a company official said. The shares will be issued at a premium in all likelihood. Company stock was down by 2.85 % at Rs 138.20 on BSE.
  
  "We hope to complete the rights issue by March 2013," he added. The promoter holding in Kesoram Industries is roughly around 27 %.