Nakoda Group of Industries board nods rights issue of Rs49cr; Stock gains

17 Jan 2022 , 09:17 AM

The Board of Nakoda Group of Industries Ltd has approved the fund raising and issuance of fully paid equity shares of the company for an amount not exceeding Rs49cr by way of a right issue to the eligible equity shareholders of the company as on the record date (to be determined and informed subsequently.

Further the board of directors has also approved to authorize company to borrow money upto Rs50cr subject to approval of the members of the company in the Extra Ordinary General Meeting.

According to the filing, the board members considered and approved the matter of business Strategic Partnership with Mysore Fruit Products Private Limited to grab the market opportunities and for the better prospects of the company.

Board of directors are authorised to enter into an agreement with Mysore Fruit Products Private Limited to proceed further for such business partnership.

At around 9:17 AM, Nakoda Group of Industries was trading at Rs292.35 per share up by 0.67% on the BSE.