Tata Sponge Iron gains 2% as board approves right issue of Rs 1,650cr

The record date is fixed as June 25, 2019, and the issue price is set at Rs 500 per equity share.

The share price of Tata Sponge Iron rose more than 2 percent intraday Thursday after company board approved the rights issue of the equity shares.


The company board approved the issuance of 3,30,00,000 equity shares of the face value of Rs 10 each, on a rights basis, not exceeding an amount of Rs 1,650 crores.

The rights entitlement ratio is 15:7 i.e. 15 equity shares for every 7 equity shares held by eligible equity shareholders of the company.

The record date is fixed as June 25, 2019, and the issue price is set at Rs 500 per equity share

The issue opens on July 2 and closes on July 16, 2019.

At 14:03 hrs Tata Sponge Iron was quoting at Rs 724.85, up to Rs 14.60, or 2.06 percent on the BSE.

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