Penny stock skyrockets 8% as it sets record date for a rights issue: Check for Issue price, issue size, other details

Stock Market Today: Penny stock IEL Ltd skyrocketed more than 8% during intraday trades on Tuesday. IEL has set record date for its rights issue

IEL Ltd opened at ₹6.79 in the moning trades on the BSE on Tuesday. The IEL stock was up more than 8% over the prvious close of ₹6.27 in the previous session. IEl share pice traded at similar levels though had seen intraday lows of ₹6.31.

The IEL Share price has risen 12-13% in last one month having given strong returns to the investors in a volatile market.

Rights Issue record date

IEL Ltd on Monday post market hours announced fixing the record date for the proposed rights issue. The Company has fixed Friday, 17th January, 2025 as Record Date for the purpose of upcoming Rights Issue.

This means that investors who want to be eligible for participating in rights issue need to buy shares of IEL by Thursday 16 January, so that their names appears in the list of eligible shareholders eligble to apply for the rights issue

Rights issue details.

Board of Directors of the Company in held on 22nd July 2024 already had approved the rights issue for an amount not exceeding Rs. 45.00 Crores (Rupees FortyFive Crores)

In the same context Right Issue Committee in its meeting held on Monday, January 13, 2025, has fixed the record date for the purpose of determining the shareholders who will be eligible to apply for the Rights Equity Shares as Friday, January 17, 2025.

The Committee also approved the following schedule for the Rights Issue:

Issue Opening Date: February 04, 2025; and

Issue Closing Date: February 21, 2025

Types of Securties to be Issued: Fully paid-up Equity Shares of face value of Re. 1/- each (“Rights Equity Shares")

No of Rights Issue shares- Upto 10,01,28,990 Fully paid-up Equity Share

Issue price - Rs. 4.45/- per Rights Equity Share

Issue Size- Upto Rs. 4,455.74 Lakhs ( ₹44.75 crore)

Ratio: 3 (Three) Equity Shares for every 1 (One) Fully paid up Equity share held by the Shareholders as on record date.

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