Shalimar Paints surges 10% as board approves rights issue upto Rs 240cr

The board also approved re-establishment of Nashik plant and establishment of new regional distribution centre (RDC) at Nashik plant

Shares of Shalimar Paints surged 10.5 percent intraday Wednesday as company approved rights issue worth Rs 240 crore.


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The board of directors at its meeting held on July 10 considered and approved the draft letter of offer of the company and related documents in respect of the proposed rights issue not exceeding an amount of Rs 240 crore.

The board also approved re-establishment of Nashik plant and establishment of new regional distribution centre (RDC) at Nashik plant.

At 10:28 hrs Shalimar Paints was quoting at Rs 137, up Rs 8.80, or 6.86 percent on the BSE.

The share touched its 52-week high Rs 245.72 and 52-week low Rs 113 on 10 July, 2017 and 24 May, 2018, respectively.

Currently, it is trading 44.2 percent below its 52-week high and 21.33 percent above its 52-week low.

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Riyanshi

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