Rajapalayam Mills board nods rights issue to raise Rs60cr; Stock dives over 6%

28 Jan 2022 , 09:23 AM

Rajapalayam Mills Ltd has informed that the Board of directors have considered and approved fund raising aggregating up to Rs60cr.

In a regulatory filing, the company informed that the fund raising option by issue of equity shares of face value of Rs10/- each (“Equity Shares”) on a rights basis to all existing equity shareholders of the Company as on a record date (to be notified later) and on such terms and conditions as may be decided by the Board or Rights Issue Committee thereof (“Rights Issue”) subject to requisite approvals from the statutory, regulatory and other authorities, as applicable.

At around 9:24 AM, Rajapalayam Mills was trading at Rs1,060 apiece down by Rs72.35 or 6.39% against previous closing of Rs1,132.35 apiece on the BSE. The scrip opened at Rs1,109.70 apiece on Friday.