Rajapalayam Mills’ ₹70-cr rights issue

The rights issue committee of Rajapalayam Mills has approved the issue of 12,29,360 shares of face value of ₹10 each at an issue price of ₹569 a share for an amount aggregating up to ₹69.95 crore. The board has fixed March 5 as the record date for rights issue. Eligible shareholders can subscribe one equity share for every six held in the company. Currently, promoters hold 53.32 per cent stake in the company. Among the public include small investors hold 22.35 per cent and HNIs 13.18 per cent. The stock of Rajapalayam Mills closed 2.3 per cent higher at ₹772.50 on the BSE.