Zenotech Laboratories to raise funds via rights issue

The board of directors of the company has considered and approved to raise funds by way of offer and issue of equity shares to the existing shareholders of the company on a rights basis.

May 23, 2016 06:05 IST India Infoline News Service

Zenotech Laboratories Ltd has informed BSE that the board of directors of the company has considered and approved to raise funds by way of offer and issue of equity shares to the existing shareholders of the company on a rights basis.

The Board has constituted a Committee of Directors for the above purpose and has authorised the Committee to determine the terms of the Rights Issue including the quantum of issue, rights entitlement ratio, issue price, issue size, book closure or record date, entitlement, timing of the issue, etc., in consultation with the Lead Manager to the Right Issue and to decide all other matters relating to the Right Issue. Such details shall be informed and/or announced in due course as and when decided or required, as per applicable statutory provisions and depending upon the market conditions.

Stock view:

Zenotech Laboratories Ltd is currently trading at Rs. 39.95, up by Rs. 1.9 or 4.99% from its previous closing of Rs. 38.05 on the BSE.

The scrip opened at Rs. 39.95 and has touched a high and low of Rs. 39.95 and Rs. 39.95 respectively. So far 1795(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 131 crore.

The BSE group 'XT' stock of face value Rs. 10 has touched a 52 week high of Rs. 61.45 on 07-Jan-2016 and a 52 week low of Rs. 30.05 on 17-Jun-2015. Last one week high and low of the scrip stood at Rs. 38.05 and Rs. 33.45 respectively.

The promoters holding in the company stood at 66.85 % while Institutions and Non-Institutions held 0.01 % and 33.14 % respectively.

The stock is currently trading above its 200 DMA.

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