Stocks of BHL increased more than 2percent, hitting the day’s high of Rs 54.80

Stocks of BHL increased more than 2percent, hitting the day’s high of Rs 54.80, following the firm’s board fixes 22 September, 2011, as the document date for rights issue. Until now, more than 0.83 lakh stocks have exchanged on the Bombay Stock Exchange as against the 2 week average volume of 2.10 lakh shares.

BHL has fixed Rs 36 each stock as being the rights issue cost. The firm will issue 2 equity stocks on a rights basis for per stock held on the document date.

The rights issue size is Rs 1644.17 cr. The new issue of 45.67 cr equity stocks on rights basis will result in equity dilution of 200percent.

BHL documented a gross gain of Rs 1.15 cr in 3rd qtr June 2011 as against gross loss of Rs 14.91 cr in 3rd qtr June 2010. Gross sales increased 46.87percent to Rs 1051.12 cr in 3rd qtr June 2011 over 3rd qtr June 2010.

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