The basis of allotment was finalized in consultation with BSE Limited, the lead manager to the issue and the registrar to the issue at its meeting held on July 17, 2023. 
Special 
The basis of allotment was finalized in consultation with BSE Limited, the lead manager to the issue and the registrar to the issue at its meeting held on July 17, 2023. Shares of North Eastern Carrying Corporation nudged higher on Wednesday after the company raised funds via rights issue. The company informed about the same through an exchange filing post market hours. The company is raising Rs 81.18 crore from the issue.
The right issue committee of the company approved the allotment of 4,51,77,602 equity shares with a face value of 10 each for cash at an issue price of Rs 18 each. Applicants were required to pay Rs 9 on application and the balance Rs 9 being payable on subsequent call as may be decided by the board.
The basis of allotment was finalized in consultation with BSE Limited, the lead manager to the issue and the registrar to the issue at its meeting held on July 17, 2023.
Shares of North Eastern Carrying Corporation gained to Rs 19.10 on Wednesday, before giving up its gains partially. The stock has gained more than 45 per cent from its 52-week low at Rs 13.20 on March 20, 2023. The stock has gained about 600 per cent in the last three years.
The company had extended the date to July 11, 2023 from July 04, 2023 to subscribe to the rights shares in the rights issue. The issue opened for subscription on June 14, 2023. The issue price of Rs 18 per equity share was determined earlier itself. A rights issue or rights offer is a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders. When the rights are for equity securities, such as shares, in a public company, it can be a non-dilutive pro rata way to raise capital.
NECC offers a wide range of transport services in India, Nepal and Bhutan. Its services include booking small parcels, full truck load consignments, project consignments to over dimensional consignments (ODC). NECC also provides containerized movement of cargo, Warehousing, packing and moving and storage facilities.
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