Kanel Industries Board Approves Rs16.99 Crore Rights Issue At Rs39.95

Board approved rights issue of 42.53L shares at Rs39.95 for Rs16.99Cr, ratio 54 for 10 held; record Nov 13, open Nov 23-close Nov 30; capital to 2Cr shares from 1.58Cr. Transformational for zero-revenue post-CIRP shell funded by asset sales; 54-for-10 entitlement dwarfs base and points to restart funding. Heavy dilution overhang for tightly held illiquid stock with suspended ISIN; take-up, use of proceeds and pricing basis await Letter of Offer.