1:2 Rights Issue Declared: Small Cap Cement Stock Latest Offering With 31% Discount

Board of small cap cement stock, Anjani Portland Cement Ltd has announced rights issue and fixed record date as December 16, 2022. The rights issue has been decided at Rs 197 apiece and if it compared with the current market price of stock at Rs 258 apiece (as on December 9, 2022), there is a sharp discount of 31%. Check key takeaways below:

1. Anjani Portland Cement Offers Rights Issue At 31% Discount

The board of directors of the company said in the BSE filing dated December 8, 2022, "This is to inform you that pursuant to the delegation of authority to the Rights Issue Committee by the Board of Directors of the Company at their meeting held on May 12, 2022, the Rights Issue Committee of the Board, has, at its meeting held today, i.e. December 8, 2022, inter alia fixed Friday, i.e. December 16, 2022 as the Record Date for the purpose of determining the equity shareholders who are entitled to receive the Rights Entitlements Rights Issue of the Company.

i. Rights Issue size: 1,26,42,848 equity shares of face value of ₹ 10/- each, for an aggregate amount not exceeding ₹ 25,000 lakhs.

ii. Rights Issue price: The Rights Issue price is determined at ₹ 197/- (including a share premium of ₹ 187/-).

iii. Rights Entitlement ratio: One (1) Rights Equity Share for every two (2) fully paid-up Equity Shares

2. Anjani Portland Cement Stock Performance

The current market price of the stock is Rs 258 apiece with intraday surge of 2.35%. The stock's 52-week high is Rs 340 apiece and 52-week low 181 apiece.

3. Anjani Portland Cement Return

The stock has zoomed 7% in 1-week, 21% in 1-month, and 79% in last 3-years. It has declined 17% in last 1-year.

4. Anjani Portland Cement About

The company operates in Cement sector. Anjani Cement is a leading company in south India for its quality and commitment to service.

It began with initial production capacity of 0.3 million tonnes per annum in 1999, the Company has now achieved a quantum shift in its production capacity to 1.2 million tonnes per annum. With its exemplary growth in production and services, Anjani Cement has captured the market in Andhra Pradesh and competes with the national players in the industry.

Anjani has now extended its reach to Tamil Nadu, Orissa and Karnataka and also made forays into the markets of Maharashtra, Kerala and Goa. An excellent dealer network system ensures successful spread and sales of the cement within and outside the state.

 

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