Satin Creditcare stock ends higher after board approves Rs120cr rights issue

The company's board said that it's it has approved raising up to Rs120cr through rights issue of shares.

Jun 23, 2020 03:06 IST India Infoline News Service

Satin Credit
Shares of Satin Creditcare Network ended higher after its board has approved raising up to Rs120cr through rights issue of shares.

“We wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. Monday, June 22, 2020, has interalia, considered and approved the fundraising by way of the Rights Issue of Equity shares of Rs10 each of the Company, to eligible equity shareholders of the Company as on the record date (to be notified later), of an issue size of up to Rs120cr (the “Issue”),” the company said in the filing.

Further, the Board has constituted ‘Rights Issue Committee’ to decide detailed terms and conditions of the Issue, including but not limiting to the deciding the payment modalities / schedule thereof, issue price, rights entitlement ratio, record date, timing, other terms and conditions and all other related matters etc., it added.

The stock ended at Rs94.90, up by Rs1.6 or 1.71% from its previous closing of Rs93.30 on the BSE.

The scrip opened at Rs97.95 and touched a high and low of Rs97.95 and Rs93.35 respectively.

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