A rights issue is when a company offers its existing shareholders the chance to buy additional shares for a reduced price. Usually the discounted price will stand for a specified time frame, after which it is returned to normal.
At 1:15 pm, the stock was quoting at Rs 296 per share, up 5.5 per cent on the BSE, as against mildly changed benchmark S&P BSE Sensex at 38,394 level. The stock had hit 52-week high of Rs 426 on January 27, 2020, while it hit 52-week low of Rs 209 on March 19, this year.
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