Rights issues 2024: Billwin Industries shares to trade ex-rights today
Rights issues 2024: Shares of Billwin Industries Ltd will be in focus when the stock market opens on April 29 (Monday). The Board of Directors of Billwin Industries has declared rights issue of equity shares for the eligible shareholders. The company has fixed April 29, 2024 as the record date for the purpose of determining the eligibility of equity shareholders to receive the rights entitlement in the rights issue.
ALSO READ: Stocks to buy: City Union Bank and Deepak Nitrate among top choices, here's why In a stock exchange filing, Billwin Industries said the Board of Directors approved the rights issue in the ratio of 1:1 which means one rights equity share of ₹10 each for every one fully paid-up equity share of ₹10 each held by the equity shareholders in the company. According to the exchange filing, total 21.30 lakh equity shares of face value of ₹10 each have been proposed to be issued for an amount aggregating up to ₹7.24 crore. The issue price has been fixed at ₹34 per rights equity share (including premium of ₹24 per rights equity share).
Shares of Billwin Industries will trade ex-rights on Monday. Billwin Industries shares closed at ₹96.80, down 3.27 per cent, on April 26. ALSO READ: Dharmesh Shah recommends these two stocks to buy on April 29 Companies declare rights issues to raise additional funds.
In the rights issue, companies grant existing shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. This type of issue gives existing shareholders securities called rights. The companies give shareholders a chance to increase their exposure to the stock at a discount price.
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