Raj Rayon Industries to split shares, gains 10%

Raj Rayon Industries rallied as much as 10 percent to touch an intraday high of Rs 9.79 amid large volumes on the Bombay Stock Exchange after announcement of sub division of shares.

The board of directors of the company have approved sub division of the face value of equity shares from Rs 10 to Re 1 per share.

They have also approved raising funds upto Rs 42 crore through issue of 1.4 crore 15 percent non convertible non cumulative redeemable preference shares of the face value of Rs 10 each at a premium of Rs 20 each on preferential basis in one or more tranches to selected entities.

The stock rose 1.8 percent to close at Rs 9.06 and its trading volumes increased 806 percent to 23,520 equity shares as compared to its five day average of 2,595 shares.

Market capitalisation of the company currently stands at Rs 24.14 crore.

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