The board of directors of Patel Engineering on Thursday approved a ₹207-crore rights issue. The board has approved an issue of 22.99 crore equity shares of face value ₹1 each on rights basis to the eligible equity shareholders in the ratio of seven shares for every five shares held by them as on the record date — September 18. The company has fixed the issue price at ₹9/share. The rights issue will open on September 26 and close on October 10. On Thursday, the stock closed at ₹10.44, on the BSE.