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The ₹206.95-crore rights issue of Patel Engineering opens on Thursday and will close on October 10. The company plans to issue up to 22.99 crore shares for cash at a price of ₹9 a share to eligible shareholders in the ratio of seven equity shares for every five fully paid-up equity shares held by them on the record date (September 18, 2019). The company has fixed the issue price at ₹9/share. Investors will closely monitor the response from the shareholders to the issue.
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