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Our Bureau

Mumbai , Feb. 23

MUKAND Ltd is entering the capital market with a rights issue of shares in the ratio of nine shares for every four held to raise Rs 50.64 crore. The offer price is Rs 10 per share while the current market price is around Rs 18-19.

The proceeds of the rights issue will be used towards the operations of the company, an official said.

The promoters have brought in Rs 36.30 crore as an advance against the rights issue. There are no underwriters to the issue as the promoters have committed to pick up any unsubscribed portion of the rights issue. The rights issue is part of its overall financial restructuring of the company as approved by the corporate debt-restructuring cell.

The company said the recent upswing in steel prices and higher demand has boosted sales of its products. The company's Hospet plant in Karnataka is working at more than 120 per cent capacity to cater to the increased demand from the customers.

More Stories on : Rights Issue | Steel

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