Easun Reyrolle 'right'fully up!

Easun Reyrolle has been in the limelight for a couple of days now and since yesterday and even today, volumes have risen over 5 times. The stock price is currently up 1.5% at Rs.66.40, with intra day highs around the same levels.

The company announced yesterday, after market hours, its rights issue offer price which is much lower than the current market price.

The company has announced a rights issue in the ratio of 12:25 at a price of Rs.59/share, when the stock yesterday closed at Rs.65.45. The company which offers products and services for power sector did not have a very good Q3 wherein it posted a net loss of Rs.5 crore on a 41% decline in sales. The performance might have forced the company to offer rights at a discount to ensure full subscription.