Shivam Autotech Approves Rs 120 Crore Rights Issue At Rs 12

Board approved rights issue terms: up to 10Cr shares of Rs2 face at Rs12 each aggregating up to Rs120Cr, ratio 19:25, record Oct 15, open Oct 22-close Nov 19. LOF adopted. Advances the earlier-approved rights issue to executable terms after in-principle approvals; central to refinancing and going-concern repair given negative equity and operating cash short of finance cost. Share count rises ~76% if fully subscribed; promoter participation, underwriting and use of proceeds left to LOF; subscription outcome decides debt-service relief.