Bombay Dyeing spikes as fundraising via rights issue coming up for board discussion this week

Bombay Dyeing and Manufacturing Company: Bombay Dyeing board to consider fund raise via rights issue on September 22. The company said the board of directors on September 22 will consider a proposal of raising of funds by issue of equity shares on rights basis.

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Shares of Bombay Dyeing spiked on September 20 after the company said its board will meet later this week to discuss raising funds by way of a rights issue.

“A meeting of the board will be held on Thursday, September 22, to consider, among other things, proposal of raising of funds by issue of equity shares by way of a rights issue to eligible shareholders,” the company said in a filing.

The issue will be subject to regulatory/statutory approvals and other incidental/related matters.

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The stock, which rose 7.41 percent to Rs 108 on BSE, is down nearly three percent this year.