B K Birla group company Kesoram Industries Ltd on Monday said its proposed Rs 500-crore rights issue has been approved by the Securities and Exchange Board of India in March.
“The draft letter of offer for the proposed right issue up to Rs 500 crore filed with SEBI has been approved by it in March 2013 and necessary follow up action are being taken in this respect,” Kesoram said in its note submitted to the BSE.
The board of directors of Kesoram have recommended a dividend of Re 1 a share of face value of Rs 10 each for the year ended March 31.
shobha.roy@thehindu.co.in