Millennium Post

3 firms approach Sebi with rights issue offer in Jan

As many as three firms, including State Bank of Travancore and Zee Media Corp, approached market regulator Sebi in January to raise nearly Rs 700 crore through rights issue.

Apart from these two firms, Everlon Synthetics Ltd has also filed draft papers with Sebi to mop up funds by issuing equity shares to existing shareholders.

Most of the companies plan to garner funds for repayment of loans and to support working capital requirements.

Individually, State Bank of Travancore plans to garner up to Rs 485 crore through rights issue, Zee
Media Corp (Rs 200 crore) and Everlon Synthetics (Rs 3.5 crore).

According to Prime Database, “as of now, the early part of 2015 is likely to see little action on the
rights front.”

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