Lava International is raising funds via a rights issue. The rights issue opened on May 4, 2021, and the company is issuing equity shares of face value of Rs 10 at Rs 533 a piece each, at a premium of Rs 523 per share, to its shareholders as on the record date.
According to Lava, the company’s board of directors in their meeting held on April 30, 2021, has accorded approval to the issue and allotment of equity shares by way of rights issues to the existing equity shareholders of the company as on April 23, 2021, the record dates, pursuant to 62(1) (a) and other applicable provisions of the Companies Act 2013.
Further, Lava is offering one equity share against every 87 shares held. Accordingly, it will be issuing 1.15 per cent of total outstanding equity shares 124.8 million under the right issue to raise up to Rs 770 million via the rights issue. The 15-day issue can be subscribed till May 18, 2021.
Lava aims at capitalising on the incentives offered by the government to boost local manufacturing of electronics.
