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Share India surged more than 2 per cent today on the back of the announcement of the record date for the Rights Issue. According to an exchange filing, the technology-based financial platform will raise Rs 1,000 crore via Rights Sssue.
When a company announces a Rights Issue, it issues additional shares to the existing shareholders at a special price in proportion to their holding.
The company said that the board has fixed the terms for the Rights Issue. It said that the board has fixed Rights Entitlement Ratio at 1 Rights Equity Share along with 17 Detachable Warrants per Rights Equity Share, for every 50 fully paid-up Equity Shares held by shareholders.
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“Issue Price per Rights Equity Share is at Rs. 700 per Equity Share of face value of Rs 10 each (including a premium of Rs 690/- per Equity Share),” the company said in the filing.
The record date for the same is February 28, the filing said. The issue will open for subscription on March 9. The window will close on March 17. The last date for market renunciation is March 13.
Meanwhile, shares of Share India gained more than 2.50 per cent to trade at Rs 1,217 apiece on NSE.
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