Indian Hotels rights issue opens on Friday
Actively-tracked companies such as Bhansali Engineering Polymers, GNA Axles, Kirloskar Oil Engines, Karnataka Bank and Reliance Navalwill announce their quarterly results for the period ended September on Friday. After disappointing numbers from South Indian Bank and Lakshmi Vilas Bank, investors will keenly eye the results of Karnataka Bank, particularly the NPA figures. Bhansali, an active stock in recent times, too will be in focus. The ₹1,500-crore rights issue from Indian Hotels Company will open for subscription on Friday. The company will issue one equity share for every five equity shares held in the company at ₹75 a share. The company will issue 20 crore shares through the rights issue. The offer closes on October 27. Funds raised will be used to meet the company’s long-term financing needs for capital expenditure, growth plans and debt repayment.