Draft filed for proposed Rs 130 crore rights issue
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A board committee approved the Draft Letter of Offer for a proposed rights issue of up to Rs 130 crore, or Rs 13,000 lakh. The new shares will have a face value of Rs 5. The issue price, rights ratio, number of shares, record date and timetable remain blank and require regulatory approvals and BSE observations.
The final cash burden on shareholders is unclear until the price and ratio are set. Shareholders who do not subscribe may see their ownership diluted.