EIH stock ends higher on fixing rights issue terms

The company further said the rights entitlement ratio has been fixed at 8 equity shares for every 85 equity shares held by eligible equity shareholders of the company as on the record date, which has been fixed as September 23, 2020.

Sep 18, 2020 04:09 IST India Infoline News Service

Shares of EIH ended higher on the stock exchanges in an otherwise volatile market after the company said its rights issue committee has approved raising up to Rs350cr.

The company said in the filing that its rights issue committee in its meeting held on Thursday approved the issue of 5,37,94,768 equity shares of face value Rs2 each, aggregating nearly Rs350cr on full subscription. The rights issue price has been fixed at Rs65 per equity share (including a premium of Rs63 per equity share over the face value of Rs2 per share).

The company further said the rights entitlement ratio has been fixed at 8 equity shares for every 85 equity shares held by eligible equity shareholders of the company as on the record date, which has been fixed as September 23, 2020.

Earlier on September 7, the company’s board had approved the rights issue of equity shares for an aggregate amount of up to Rs350cr.

EIH Ltd ended at Rs86.55, up by Rs0.15 or 0.17% from its previous closing of Rs86.40 on the BSE. The scrip opened at Rs87.25 and touched a high and low of Rs89.75 and Rs85.50 respectively.

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