LIC-owned penny stock Integra Essentia hits upper circuit ahead of rights issue opening date

Stock market today: Integra Essentia shares are one of the penny stocks listed on Dalal Street. This penny stock is invested in by the Indian insurance behemoth Life Insurance Corporation (LIC) of India. The small-cap Company has declared the rights issue at ₹3.25 apiece, and the right issue will hit the Indian markets on June 11 2024, i.e. tomorrow. Ahead of the opening date for the Integra Essential rights issue, the penny stock attracted strong buying interest on Monday. Integra Essentia's share price today opened upside and touched an intraday high of ₹3.57 apiece on NSE. While climbing to this intraday high, this LIC-owned penny stock touched a 5 percent upper circuit.

Integra Essentia rights issue

In May 2024, Integra Essentia informed Indian stock market bourses about the rights issue approval saying, "This is in furtherance to the Company's meeting of the Board of Directors of the Company ("the Board") held on November 27, 2023, Subsequent shareholders' approval obtained through postal ballot on December 29, 2023 for approving the issue of equity shares of face value of Rs. 1 each ("Equity Shares") of the Company by way of a rights issue to the eligible shareholders of the Company for an amount not exceeding Rs. 50 crore (Rupees Fifty Crore only) (the "Issue"), Draft Letter of Offer dated February 26, 2024, submitted with the Stock Exchanges for In Principle Approvals in accordance with applicable laws including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, read with the relevant circulars issued by the SEBI, in this regard, from time to time (hereinafter referred to as "SEBI ICDR Regulations" and the issue "Rights Issue")."

Top 5 details of Integra Essentia rights issue

1] Integra Essentia rights issue price: The company board has declared issue price at ₹3.25 apiece.

2] Integra Essentia rights issue date: The issue will open on June 11 2024, and end on June 25 2024.

3] Integra Essentia rights issue size: The Company aims to generate ₹49.93 crore from its rights offer.

4] Integra Essentia rights issue record date: The Company fixed the record date for the rights issue as June 1, 2024.

5] Integra Essentia rights issue ratio: The rights issue entitlement ratio has been declared 20 Rights Equity Share(s) for every 119 fully paid-up Equity Shares held on Record Date.

LIC shareholding in Integra Essentia

According to the shareholding pattern of Integra Essentia for the January to March 2024 quarter, LIC owns 97,19,832 shares of Integra Essentia or 1.06 percent stake in the company.

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