North Eastern Carrying Launches Rights Issue Worth Rs 81 Cr

Logistics solution provider North Eastern Carrying Corporation has announced a rights issue. According to an exchange filing by the company, the company has announced a rights issue of 4,51,77,602 equity shares. The company will raise Rs 81.32 crore through the issuance of rights shares.

The rights issue opened for subscription on June 14 and will close on July 6. The board has approved 9:10 rights issue at Rs 18 per share.

The record date for the issue was June 2. It means that anyone who held the shares of the company on June 2 are eligible for receiving Rights Entitlements (REs).

A rights issue is a means by which a company can raise funds from its existing shareholders by selling them additional shares at a reduced price.

The rights issue of North Eastern Carrying will list on both the exchanges -- NSE and BSE on July 11.

On Tuesday, the shares of North Eastern Carrying Corporation closed on the BSE at Rs 19.31 apiece up by 4.38% from the previous close of Rs 18.50. The stock made a 52-week-high of Rs 28.52 on (18/08/2022) and a 52-week-low of Rs 13.20 on (20/03/2023).
During Q4FY23, the company recorded promoter shareholding of 52.67% and public stake of 47.33%.