Bajaj Electricals hit 52-week low despite rights issue completion

The stock of Bajaj Electricals made a fresh 52-week low today of Rs 270.00, despite the fact that the company had recently announced the successful completion of its rights issue of equity shares.

In a BSE filing released on March 23 after the market hours, the company had informed that it has successfully completed its rights issue of equity shares that had opened for subscription on February 18 and closed on March 3, 2020.

Bajaj Electricals further added that the issue saw participation from both its existing large institutional investors as well as retail investors. The rights issue of Rs 349.94 crore created an opportunity for all its existing shareholders to participate in the capital raise.  Following this, the company has allotted about 1.13 crore equity shares on rights basis at a price of Rs 310 per share on March 13, 2020.

A part of Bajaj Group, Mumbai-based consumer electrical equipment manufacturing company-Bajaj Electricals Ltd, deals in lighting, luminaries, appliances, fans and LPG-based generators.

At the time of market closing on Wednesday, the stock of Bajaj Electricals Ltd was trading at Rs 283.60, up by 1.61 per cent against its previous close of Rs 279.10. Its 52-week high is recorded at Rs 573.64 while, its 52-week low is Rs 270.00 on BSE.