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Shriram Transport Finance sets rights issue price at Rs 570, stock climbs 4%

The company is going to raise up to Rs 1,500 crore through its rights issue.

July 07, 2020 / 11:51 AM IST
 
 
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Shriram Transport Finance share price gained 3.8 percent intraday on July 7 after the company fixed its rights issue price at Rs 570 per share, an 18.3 percent discount to the previous day's closing price.

The securities issuance committee of the company has fixed July 10 as the record date for determining equity shareholders entitled to receive the rights entitlement in the rights issue, said the non-banking finance company in its filing on July 6.

The company is going to raise up to Rs 1,500 crore through its rights issue.

"The securities issuance committee approved rights issue price at Rs 570 per fully paid-up rights equity share," the company said.

The issue price will be payable on application, it added.

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The rights entitlement ratio is 3:26--three rights equity shares for every 26 shares held as on the record date.

"Promoter and Shriram Financial Ventures (Chennai) Private Limited, a member of the promoter group, have undertaken to fully subscribe to their rights entitlement and shall not renounce their rights, except to the extent of any renunciation inter-se between the promoter and other members of the promoter group," Shriram Transport said.

"In addition to the subscription to their respective rights entitlement, they have also reserved the right to subscribe to additional equity shares in the rights issue, including for any rights entitlements renounced in their favour or in favour of any entities controlled by them," it added.

The stock was quoting at Rs 707.85, up 1.48 percent, on the BSE at 1135 hours.
Moneycontrol News
first published: Jul 7, 2020 11:51 am

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