Aruna Hotels’ rights issue gets nod

The board of directors of Aruna Hotels approved its ₹24.90 crore rights issue. The company will issue 2.49 crore shares at ₹10 a share. The rights entitlement ratio has been fixed as 83 shares for every 30 shares held by the eligible shareholders as on the record date, which will be announced later. Currenty, promoters hold 52.74 per cent stake. Among the public, a little over 22,000 small retail investors hold 37.87 per cent stake in the company. The stock of Aruna Hotels closed 5 per cent higher at ₹21.71 on the BSE.