KCD Industries India board approves rights issue to raise Rs49 crore; Stock soars 5%

12 Sep 2022 , 09:55 AM

The Board of Directors of KCD Industries India Limited at its meeting held on Saturday, September 10, 2022 at 1:30 p.m. have considered and approved the increase in the Authorized Share Capital of the Company from Rs2,50,00,000/- (Rupees Two Crore Fifty Lakh Only) to Rs20,00,00,000/- (Rupees Twenty Crores only) and consequent alteration of the Memorandum of Association of the company, subject to the approval of members.

The board also approved proposal to raise up to Rs49,00,00,000/- (Rupees Forty-Nine Crores only) through Rights issue of Equity Shares, the company informed in a regulatory filing.

At around 9:59 AM, KCD Industries was trading at Rs44.95 per share higher by 4.90% on the BSE. Previously, the scrip ended at Rs42.85 per share on the BSE platform.

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