Exide Industries to raise Rs 150 cr via rights issue

New Delhi, Aug 28 (UNI) Auto and industrial battery maker Exide Industries Ltd plans to raise about Rs 150 crore through a rights issue of shares in the ratio of 1:15 priced at Rs 30 per share in order to augment its the long-term resources.

The company's board today approved the issue and allotment of up to five crore equity shares of one rupee each for cash at a premium of Rs 29 per share on rights basis in the ratio of one share for every 15 shares held by shareholders.

Post-issue the company's equity capital will stand at Rs 80 crore, up from its current Rs 75 crore, a company statement said.

''The enhanced capital will add more floating stock and therefore increase the liquidity of the scrip in the stock market,'' company's Managing Director and CEO T Ramanathan said.

The board has appointed SBI Capital Markets Ltd as the Lead Manager to the proposed issue.

UNI