The board of directors of Sumeet Industries on Friday decided to issue equity shares on rights basis in the ratio of 3:7 (3 shares for every 7 held) at an issue price of ₹24 a share. Through the issue, the company plans to raise ₹59.698 crore. The record date to identify the eligible shareholders is December 18, and the issue will open on December 27. The rights issue will close on January 10, 2018. Shares of Sumeet Industries closed at ₹32.30, up 1.1 per cent, on the NSE.
Asahi India Glass has agreed to make a strategic investment in Timex Group Precision Engineering. This will be done by acquiring and/or subscribing to equity shares of TGPEL by March 2018, to be held by a proposed joint venture company, Scopfy Components Pvt Ltd, which is being formed along with other investors. Towards this, the company entered into a share purchase agreement on November 30 to acquire equity shares as on date from the promoters and other existing shareholders. Shares of Asahi India fell 2.69 per cent at ₹367.70 on the BSE.
TeamLease Services has completed the acquisition of 40.2 per cent stake in Schoolguru Eduserve Pvt Ltd. On November 8, TeamLease Services had announced the stake acquisition in Schoolguru for ₹13.53 crore, which will be used to expand its business into new geographies, strengthen existing technology and content library, and innovate new forms of delivery. Shares of TeamLease slipped 1.04 per cent at ₹2,189.50 on the BSE.