On Thursday, the board of Arvind Fashions Ltd approved the issue of 1,48,02,856 equity shares of the face value of Rs 4 each at an issue price of Rs 135 per equity share (including a premium of Rs 131 per equity share) for an amount aggregating up to Rs 199.84 crores to all the existing equity shareholders of the company on a rights basis.
Rights shares will be allotted in the ratio of 3:20, that is 3 Rights Equity Shares of Rs 4 each for every 20 equity shares of Rs 4 each held by the equity shareholders in the company as on the record date ("Eligible Equity Shareholders") with the right to renounce.
The record date will be announced in due course, the company said.
The record date for the purpose of determining names of shareholders of the Company eligible to apply for the partly paid-up Rights Equity Shares in the Rights Issue of the Company will be announced in due course along with International Securities Identification Number ("ISIN") of Rights Entitlements.
Arvind Fashions shares rose as much as 3% to an intraday high of Rs 168.70.