Indian Ho­tels rights is­sue opens on Fri­day

The Hindu Business Line - - STOCKS -

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.

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