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Mukand Ltd today said its board has approved raising of up to Rs 160 crore fund through a rights issue.
“The board of directors of the company at its meeting held on June 6 has taken the decision to issue further equity shares to raise an amount up to Rs 160 crore to existing equity shareholders of the company on rights basis, subject to all requisite approvals,” Mukand Ltd said in a BSE filing.
One of the most preferred routes for raising funds by the firms, rights issue also helps promoters to raise their share holding in the company.
Mukand Ltd promoters had 53.59 per cent stake as of March-end.
The board has also approved the company’s raising the authorised share capital to Rs 160 crore, from Rs 125 crore.
The company scrip was trading at Rs 23.15, up 0.65 per cent on the BSE in the pre-close trading.
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