Bhandari Hosiery Exports boosts equity base with rights issue allotment

Bhandari Hosiery Exports Ltd ( (IN:BHANDARI) ) has shared an announcement.

Bhandari Hosiery Exports Ltd has approved the allotment of 92,906,781 equity shares under its rights issue at a price of Rs 2.56 per share, including a share premium, as per the finalized basis of allotment. Following this issuance, the company’s paid-up equity share capital will rise from about Rs 24.00 crore to approximately Rs 33.30 crore, strengthening its equity base ahead of the planned listing of the new shares.

The rights issue allotment, cleared by the Rights Issue Committee in consultation with the designated stock exchange and registrar, marks a significant capital-raising step for the company. The forthcoming listing of these additional shares is set to expand the company’s free float and could enhance liquidity for existing shareholders while providing additional resources to support its operational and strategic objectives.

More about Bhandari Hosiery Exports Ltd

Bhandari Hosiery Exports Ltd is a Ludhiana-based textile company engaged in the manufacture and export of hosiery products. The company operates in the garment and knitwear segment, catering to both domestic and international markets through its range of cotton and blended apparel offerings.

Average Trading Volume: 99,580

Technical Sentiment Signal: Sell

Current Market Cap: 1.11B INR

Learn more about BHANDARI stock on TipRanks’ Stock Analysis page.