The board will decide the issue price, rights entitlement ratio, record date and other terms.
Bajaj Electricals share price gained more than 2 percent intraday on January 6 after the board gave its nod to a rights issue.
The board of directors on January 6 approved the issuance of fully paid up equity shares of the company for an aggregate amount not exceeding Rs 350 crore by way of rights issue to eligible equity shareholders, the electrical equipment maker said in a BSE filing.
The board would decide the other terms, including the issue price, rights entitlement ratio and record date, it added.
The company also approved the appointment of Ajay Nagle as the Company Secretary. Nagle will oversee the legal and secretarial functions of the company.The stock was quoting at Rs 358.70, up Rs 3.05, or 0.86 percent, on the BSE at 1412 hours.