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The board of Bharat Gears on Friday decided to issue equity shares on rights basis in the ratio of 1:7, i.e, one equity share for every seven held in the company at an issue price of ₹105 a share. The company has fixed April 3 as the record date for the purpose of ascertaining the eligible equity shareholders for the proposed rights issue. Currently, 45.15 per cent stake is being held by the public, which includes 12,105 small investors owning 31.40 per cent stake, and SMC Global Securities holding 1.27 per cent stake.
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