Sadbhav Engineering shelves rights offer

The board of Sadbhav Engineering Ltd has decided to shelve the rights issue through which the company had planned to raise up to ₹125 crore. The rights issue was cleared by shareholders in July 2013. The company’s stock on the BSE gained 2.35 per cent to close at ₹87.05. Earlier, shareholders had approved one equity share along with one detachable warrant for every 30 equity shares held in the company. Rights issue price was pegged at ₹100 then.