Rushil Decor plans fundraising programme, shares rally 20%
Ahmedabad-based Rushil Decor is a small-cap stock with a market cap of around Rs 928 crore. The company's shares are available for trade on both NSE and BSE.
Rushil Decor, a leading laminate and MDF panel boards player, has announced that the board is likely to consider and approve a fundraising plan through a rights issue. The company has informed bourses through a filing that a meeting of the Board of Directors is scheduled to be held on October 26 (Thursday).
"This is to intimate that a meeting of the Board of Directors of the Company "Rushil Decor Limited" is scheduled to be held on Thursday, 26th day of October, 2023, inter alia to consider and approve the Raising of Funds by the issue of Equity Shares, or any other financial instruments convertible into Equity Shares (including warrants, or otherwise) by way of Preferential Allotment or Private Placement or Qualified. Institutions Placement or Right Issue Basis or any combination thereof or any other method as may be permitted under applicable laws," it said in a statement.
Post announcement, Rushil Decor equity shares rallied 19.99 per cent to Rs 349.60. The stock was locked in the upper price band. When a stock hits its upper price band, the trading during the current session is suspended by the exchange.
The stock had settled at Rs 291.80 in the previous trading session on Wednesday.
"As informed earlier vide our letter No. RDL/061/2023-24 dated 29th September, 2023, the trading window for dealing in the securities of the Company is already closed for all insiders including Designated Persons of the Company from Sunday, October 1, 2023," the statement added.
Ahmedabad-based Rushil Decor is a small-cap stock with a market cap of around Rs 928 crore. The company's shares are available for trade on both NSE and BSE.
Incorporated in 1993, Rushil Decor has a global footprint in more than 50 countries. The firm markets its product under the flagship brand named VIR. Rushil Decor is the flagship company of the Rushil Group.
11:01 PM IST