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Shares of Tata Sponge Iron will turn ex-rights on Monday. The company plans to issue 3.30 crore shares on rights basis, not exceeding an amount of ₹1,650 crore. The issue price is set at ₹500 a share. The entitlement ratio is 15:7 - 15 equity shares for every seven held by eligible shareholders of the company. As the record date is June 25, 2019, investors willing to participate in the rights issue needs to own the company’s shares by Friday. The rights issue opens on July 2 and closes on July 16.
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