Exide Industries: Board agrees for rights issue

During the board meeting held on 29-Aug-2007, Exide board agreed for rights issue. These shares will be alloted in the ratio of 1:15 (One share for every fifteen shares) at a face value of Rs. 1 with a premium of Rs. 29, effectively Rs. 30/- for each share thus raising an amount of Rs. 150 Crores. Thus raised funds would be utilized to augment the long-term resources of the company.