Automotive Stampings to raise Rs 29 cr via rights issue
Automotive Stampings and Assemblies Ltd said it has approved plan to raise over Rs 29.46 crore by issuing over 56.65 lakh equity shares.
By PTI |
MUMBAI: Auto component maker Automotive Stampings and Assemblies Ltd today said it has approved plan to raise over Rs 29.46 crore by issuing over 56.65 lakh equity shares to the existing shareholders on rights basis.
The rights issue committee of the board of directors passed a resolution to allot five equity shares for every nine held at an issue price of Rs 52 a piece, Automotive Stampings and Assemblies said in a filing with the Bombay Stock Exchange.
The issue price has been fixed at Rs 52 per piece that includes a premium of Rs 42 on an equity share of Rs 10 each, it said.
The company proposes to issue 5,665,856 equity shares on rights basis to its existing equity shareholders aggregating approximately Rs 29.46 crore.
The company, belonging to TACO group, manufacturs and supplies sheet metal components, welded assemblies and modules for automobiles.
The product range includes Body-In-White (BIW) structural panels, Skin panels, Fuel tanks, Oil sumps & Suspension parts, mainly for passenger and commercial vehicles.
It has four plants located at Bhosari (Maharashtra), Chakan (Maharashtra), Halol (Gujarat) and Pantnagar (Uttarakhand).
The rights issue committee of the board of directors passed a resolution to allot five equity shares for every nine held at an issue price of Rs 52 a piece, Automotive Stampings and Assemblies said in a filing with the Bombay Stock Exchange.
The issue price has been fixed at Rs 52 per piece that includes a premium of Rs 42 on an equity share of Rs 10 each, it said.
The company proposes to issue 5,665,856 equity shares on rights basis to its existing equity shareholders aggregating approximately Rs 29.46 crore.
The company, belonging to TACO group, manufacturs and supplies sheet metal components, welded assemblies and modules for automobiles.
The product range includes Body-In-White (BIW) structural panels, Skin panels, Fuel tanks, Oil sumps & Suspension parts, mainly for passenger and commercial vehicles.
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It has four plants located at Bhosari (Maharashtra), Chakan (Maharashtra), Halol (Gujarat) and Pantnagar (Uttarakhand).
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