Patel Integrated Logistics stock zooms after 'Rights Issue' oversubscribed by 2.06 times

The company's 'Rights Issue' was amounted to Rs40cr.

Nov 24, 2021 03:11 IST India Infoline News Service

Patel Integrated Logistics announced that its 'Rights Issue' has been subscribed by approximately 2.06 times as overbid by both public and promoter/ promoter groups.

In its regulatory filing, Patel Integrated said that the proceeds of the Issue will be used to make the Company net external debt-free and make the Balance Sheet of the Company stronger for future growth.

The company's 'Rights Issue' was amounted to Rs40cr.

At around 3.17 pm, Patel Integrated was trading at Rs14.70 per piece up 1.03% on Sensex.

The stock has touched an intraday high and low of Rs15.05 per piece and Rs14.55 per piece respectively.  

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