Sobha shares in news today as board clears Rs 2,000-crore rights issue

Shares of South-based realty firm Sobha Ltd are in news today after the board cleared the offer and issuance of equity shares for Rs 2,000 crore through a rights issue. Sobha shares closed 0.11% lower at Rs 2063.90 on June 12 against the previous close of Rs 2066.15 on BSE. Market cap of the firm fell to Rs 19,575 crore. Total 2898 shares of the firm changed hands amounting to a turnover of Rs 59.58 lakh on BSE.  

Sobha stock has gained 283% in a year and risen 101.66% in 2024.  The stock hit a 52-week high of Rs 2174 on June 10, 2024 and a 52-week low of Rs 521.80 on June 26, 2023.      

Sobha stock has a one-year beta of 1, indicating average volatility during the period.    

In terms of technicals, the relative strength index (RSI) of Sobha stands at 63, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Sobha stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.      

The price of the rights issue has been fixed at Rs 1,651 per equity share, a discount of 25 percent, the firm said. The issue will open on June 28 and will close on July 4.

The realty firm said six rights equity shares will be issued for every 47 fully paid-up equity share of the company held by the eligible equity shareholders.