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Shah Metacorp Ltd ( (IN:SHAH) ) has provided an announcement.
Shah Metacorp Limited’s board has approved a rights issue of up to Rs 50 crore in fully paid equity shares of face value Re 1 each, to be offered to existing shareholders on a record date to be announced, with detailed terms such as issue price, entitlement ratio and timing to be finalized by a reconstituted Rights Issue Committee. The board also cleared several related actions, including appointment of intermediaries for the rights issue, approval for up to 50% equity investment and working capital loan facilities for its U.S. subsidiary Shah Metacorp Holdings USA Inc., and related-party transactions that allow conversion of a loan from director-promoter Mona Shah into equity under the proposed rights issue, all of which signal efforts to strengthen the company’s capital structure and support international expansion, subject to shareholder and regulatory approvals.
More about Shah Metacorp Ltd
Shah Metacorp Limited, formerly known as Gyscoal Alloys Limited, operates in the metals and alloys sector and is listed on both BSE and NSE under the symbol SHAH. The company focuses on manufacturing and trading metal products, and is expanding its presence through both domestic capital-raising initiatives and overseas investment via a U.S. holding entity.
Average Trading Volume: 424,719
Technical Sentiment Signal: Strong Buy
Current Market Cap: 3.1B INR
For a thorough assessment of SHAH stock, go to TipRanks’ Stock Analysis page.