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Shah Metacorp Ltd ( (IN:SHAH) ) has provided an update.
Shah Metacorp Limited’s board has approved a rights issue of fully paid-up equity shares with a face value of Re 1 each to raise up to Rs 50 crore from existing shareholders, with key terms such as issue price, entitlement ratio, record date and payment structure to be set by a reconstituted Rights Issue Committee and disclosed later. The board also cleared an investment of up to USD 100,000 for up to 50% equity in Shah Metacorp Holdings USA Inc, approved the appointment of intermediaries for the rights issue, and sanctioned several related-party transactions, including converting a loan from director-promoter Mona Shah into equity under the proposed rights issue and providing up to Rs 100 crore in working capital loans to the U.S. arm, with these measures to be implemented via a postal ballot process overseen by an appointed scrutinizer.
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. The company focuses on manufacturing and trading metal products and is led by an executive team that includes Executive Director Mona Viral Shah and CEO Viral Shah, with its governance structure increasingly aligned to support capital market activities and overseas expansion.
Average Trading Volume: 424,719
Technical Sentiment Signal: Strong Buy
Current Market Cap: 3.1B INR
Find detailed analytics on SHAH stock on TipRanks’ Stock Analysis page.