The Hindu Business Line : Cholamandalam board okays 1:2 rights issue

THE board of directors of Cholamandalam Investment and Finance Company Ltd today approved a rights issue in the ratio of 1:2. The shares will be issued at a premium of Rs 45.

The shareholders of the company earlier approved an increase in authorised capital from Rs 70 crore to Rs 160 crore. The enhanced authorised capital will be divided as Rs 100 crore of equity capital and Rs 60 crore of preferential capital.

Mr M. Anandan, Managing Director of the company said the capital adequacy ratio was currently above the regulatory requirement, but in order to support the future growth of the company, the capital base was being proactively strengthened, said a press release.

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Cholamandalam board okays 1:2 rights issue