Tata Consumer announces Rs 3,000 crore rights issue; ex-date tomorrow
Tata Consumer Products on Tuesday announced a rights issue of Rs 3,000 crore, wherein 3.67 crore rights equity shares will be issued to the eligible shareholders, the ex-date for which becomes July 26.
The record date fixed by the company, i.e., July 27 is Saturday, which is a market holiday. This means that the stock will start trading on an ex-rights basis from Friday, which implies that today will be the last date to buy the shares of the company in order to be eligible for the rights issue.
“The Rights Equity Shares are being offered on a rights basis to Eligible Equity Shareholders in the ratio of 1 (one) Rights Equity Shares for every 26 (Twenty-six) fully paid-up Equity Shares held on the record date. For Rights Equity Shares being offered under this Issue, if the shareholding of any of the Eligible Equity Shareholders is less than 26 (Twenty-six) Equity Shares or not in the multiple of 26 (Twenty-six), the fractional entitlement of such Eligible Equity Shareholders shall be ignored in the computation of the Rights Entitlement,” the company informed via a filing to the exchanges.
Also read: Last date to buy! PFC among 34 stocks to trade ex-dividend on Friday
Tata Consumer informed via a filing to the stock exchanges that the rights issue will take place for Rs 818 (which includes a premium of Rs 817) per share.
The rights issue opening date will be August 5 while the date of closing is August 19, according to the filing.
Shares of Tata Consumer Products were trading 1.3% lower at Rs 1,215 on BSE around
