Satin Creditcare stock slumps 4%; board approves rights issue

The rights entitlement ratio is set at 48 rights shares for every 125 shares held as on the record date.

Jul 31, 2020 03:07 IST India Infoline News Service

Satin Credit
Shares of Satin Creditcare Network ended in the negative territory on the BSE. The company's board has approved a rights issue worth Rs120cr and it will issue 2 crore rights shares at Rs60 per share.

The rights entitlement ratio is set at 48 rights shares for every 125 shares held as on the record date. The record date for the same has been set as August 5.

The rights entitlement ratio has been pegged at 48:125, i.e, 48 shares for every 125 existing fully paid shares. While the initial payment along with application is Rs15 a share, the balance of Rs45 have to be paid in one or more subsequent calls as may be decided by the board/committee, the company said in a release.

The stock at Rs75.10, down by Rs3.15 or 4.03% from its previous closing of Rs78.25 on the BSE.

The scrip opened at Rs81.95 and has touched a high and low of Rs81.95 and Rs74.85 respectively.

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