Shares of engineering and construction major BGR Energy Systems are in the news today after the firm said its plans to raise up to Rs 1,000 crore through a rights issue of equity shares. The decision was approved by the company’s board of directors in a meeting held on July 4.
BGR Energy Systems shares ended 1.69% higher at Rs 42.03 on Thursday against the previous close of Rs 41.33 on BSE. The market cap of the firm rose to Rs 303.30 crore.
“The offer and issuance of equity shares of face value of Rs 10 each of the company (the “Equity Shares”) for an aggregate amount, including premium, not exceeding Rs 1000 crore (Rupees One Thousand Crores) by way of a rights issue to the eligible equity shareholders of the Company as on the record date…,” BGR Energy Systems said.
The rights issue will offer equity shares with a face value of Rs 10 each to the eligible equity shareholders of the company as of the record date, which will be determined and notified at a later time.
The article originally appeared on Business Today.