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IL&FS Engineering and Construction Company Ltd on Wednesday said it approved the issue of equity shares of face value Rs 10 each to existing shareholders on a rights basis, for up to Rs 300 crore.
The shares are being offered at a discount of 7.5 per cent to their closing price on the NSE on Wednesday, subject to all applicable statutory and regulatory approvals.
The Hyderabad-based construction and infrastructure company in a statement informed the BSE that its board of directors at its meeting held on Wednesday approved the rights offer.
The terms and conditions of the Rights Issue, including the rights entitlement ratio, issue size, record date, timing of the issue and other matters shall be decided in consultation with the Lead Manager to the Rights Issue.
The board has resolved to convene an Extraordinary General Meeting of the company’s shareholders on November 11 to approve the increase in authorised capital in order to facilitate the rights issue.
On Thursday, the shares of the company closed at Rs 37.60, up 9.94 per cent, on the BSE.
>rishikumar.vundi@thehindu.co.in
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