Sandur Manganese strikes new 52-week high as board nods rights issue

11 Apr 2022 , 03:18 PM

Sandur Manganese & Iron Ore Limited’s counter jumped 20% so far in today’s trade, hitting an all-new 52-week high, as the board has approved the rights issue plan of the company.

The company stated in its filing that it will issue equity shares of Rs10 each of the company on a rights basis to eligible equity shareholders of the company as on the record date. Further, the Board has also constituted and authorised the ‘Right Issue Committee’ to state detailed terms and conditions of the Issue, including but not limited to the deciding the payment modalities/schedule thereof, timings, record date, other terms, and conditions, and all other related matters, etc.

The company will issue 1,80,03,882 equity shares of face Rs10 each, totaling Rs18.03 crore. Shareholders will be entitled to 2 new equity shares for every 1 equity share held by eligible shareholders as on the record date.

The company’s outstanding equity shares prior to the Rights issue are 90,01,941 equity shares of Rs10 each.

Sandur Manganese is currently trading at Rs4,522.80 up by Rs753.8 or 20% from its previous closing of Rs3,769 on the BSE. It has touched intraday high and low of Rs4,522.80 and Rs4,221.95 respectively.