Board approves allotment of 30.37 million rights shares

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On the reaction day the stock moved 0.5 pts more than Nifty Microcap 250 and 0.1 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The board approved the allotment of 30,374,088 fully paid rights shares at Rs 40 each, including a premium of Rs 38 per share, raising Rs 121.50 crore. Paid-up shares increased from 50,623,480 to 80,997,568, while paid-up capital rose from Rs 10.12 crore to Rs 16.20 crore.

Likely market impact

Shareholders who did not subscribe may see their ownership diluted, while the company receives about Rs 121.5 crore.