Spencer’s Retail sets rights issue price at Rs75 per share; stock slips 4%

The rights issue will open on August 4 and close on August 18, the company said.

Jul 27, 2020 03:07 IST India Infoline News Service

Spencer’s Retail said in the filing that its board is planning its rights issue of Rs80cr. The Board of Directors of Spencer's Retail Limited held on February 11, 2020, approved the issue of equity shares of the Company by way of a rights issue to eligible shareholders of the Company as on the record date for an amount not exceeding Rs80cr. ("Rights Issue") 1,06,04,563 Rights Equity Shares of Rs5 each at an issue price of Rs75 per Equity Share (including a premium of Rs70 per Equity Share). Fully paid-up equity shares of the face value of Rs5 each ("Rights Equity Shares"), the company said on July 23.

The company will offer existing shareholder rights to purchase shares of Rs5 value at Rs75 each that is, at a premium of Rs70 per share, in the ratio of 2 rights share for every 15 shares held as on the record date, July 29. Around 1.06 crore shares will be issued.

The rights issue will open on August 4 and close on August 18, the company said.

Spencers Retail Ltd is currently trading at Rs82.95, down by Rs3.65 or 4.21% from its previous closing of Rs86.60 on the BSE.

The scrip opened at Rs86.65 and has touched a high and low of Rs87.65 and Rs82.50 respectively.

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