Pricol Ltd. on Friday announced that the Board has approved the rights issue of up to Rs 100 crore to raise funds from the market.
The Coimbatore based company commenced its operations in 1975 in the manufacture of automotive instruments. Pricol Ltd. provides leading automobile and industrial brands with precision-engineered technological solutions in over 45 countries with more than 2000 product variants.
With reference to our intimation dated 31st August 2020 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). We wish to inform you that the Board of Directors of the Company, at their meeting held today 4th September 2020, considered and approved the fund raising by way of the Rights Issue of Equity shares of Re.1 / – each of the
Company; to eligible equity shareholders of the Company as on the record date (to be notified later), of an issue size of up to Rs. 100 Crore (the “Issue”). The company stated in its BSE regulatory filing.
The Board has constituted ‘Rights Issue Committee’ to decide detailed terms and conditions of the Issue. Including the deciding the payment modalities / schedule thereof, issue price, rights entitlement ratio, record date, timing, other terms and conditions and all other related matters etc.
In 2018, the company entered into partnership with Dongguan Shenpeng Electronics Co Limited for Electrical Water Pumps. On September 4th, the stock ended in green at Rs 48.70 on the National Stock Exchange (NSE).
