Financial Daily from THE HINDU group of publications
Tuesday, Apr 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 12, 2005 |
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Corporate
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Rights Issue Bata India fixes rights issue at Rs 54 Our Bureau
Kolkata , April 11 BATA India Ltd on Monday informed the BSE that the Rights Issue Committee, at its meeting on April 9, fixed the issue price of the rights shares at Rs 54, including the face value of Rs 10 each. As per the information earlier given to the BSE, the contemplated price band was Rs 45-54 per share. The company is now implementing a restructuring programme, under which it plans to re-develop the Batanagar township. The rights issue is essentially to carry out an organisational and financial revamp. Bata India is now in the process of restructuring its retail business. As per the information already given to the BSE, the record date for the rights issue has been fixed as April 25. Bata will be issuing 12,857,000 equity shares of Rs 10 each on rights basis to existing shareholders in the ratio of one equity share for every four shares held on the above mentioned record date. Bata India is a 51 per cent subsidiary of Bata (NV) of the Netherlands.
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