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Shivam Autotech to launch Rs40cr Rights Issue on December 14 with floor price set at Rs18 per share

The company has set December 10, 2022, as a record date to determine shareholders eligible to apply for the equity shares in the Rights Issue.

November 26, 2021 1:14 IST | India Infoline News Service
Shivam Autotech board has revised the Rights Issue amount to Rs40cr from their previous decided Rs50cr. The new total has been approved by the stock exchanges.

On Thursday, the board approved rights issue floor price at Rs18 rights (including a premium of %16 per Equity Share over the face value of Rs22 per Equity Share); equity share.

Further, the rights entitlement ratio is set at 2 Rights Equity Shares for every 9 Equity Shares held by eligible shareholders as on the Record Date.

The company has set December 10, 2022, as a record date to determine shareholders eligible to apply for the equity shares in the Rights Issue.

That said, the company will launch its rights issue on December 14, 2021, and will close on January 12, 2022.

At around 1.12 pm, Shivam Autotech was trading at Rs25.70 per piece down 4.64% on Sensex.

Earlier today, the stock has hit a 5% lower circuit of Rs25.65 per piece. 

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