Rights issue worth Rs 800 cr to be issued by four companies
At least four private equity firms including private sector lender Lakshmi Vilas Bank and infrastructure major IL&FS Engineering and Construction Company are looking to have rights issue worth more than Rs 800 crore. Mirc Electronics, which sells the Onida brand of TVs and drug firm Neuland Laboratories is looking to raise funds through this route. These four firms have filed their draft documents and are waiting for Sebi’s approval.
In rights issue, shares are first offered to existing equity shareholders. IL&FS Engineering and Construction Company plans to raise Rs 300 crore while Lakshmi Vilas Bank, Mirc Electronics and Neuland Laboratories are planning to raise Rs. 505 crore, Rs 33 crore and Rs 25 crore respectively. Rights issue of Mukand, Wheels India, Easun Reyrolle and Denis Chem Lab have been approved in the beginning of the year.
In 2013, the capital raised through rights issue was down by 44 percent to Rs 4,101 crore.
Source: Business Standard
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