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IL&FS Engineering and Construction Company Ltd’s board of directors has approved raising of up to Rs 300 crore through a rights issue. The issue would be priced at a 7.5 per cent discount to the closing price of the stock yesterday.
In a statement to the stock exchanges, the company said its board had on October 9 cleared the rights issue of equity shares up to Rs 300 crore at a 7.5 per cent discount to the closing price of the stock on the NSE on Wednesday, which was Rs 34.20.
Other issues like rights entitlement ratio, issue size, record date, timing of the issue etc. would be decided in consultation with the lead manager to the issue, the company statement said.
Shares of the company were trading at Rs 35.10, a gain of 90 paise on the NSE. The stock had touched a high of Rs 37.40 before easing to the current levels.
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