Industronics rights issue undersubscribed

KUALA LUMPUR: Industronics Bhd’s proposed rights issue to raise funds was undersubscribed by 69.14%.

In a filing with Bursa Malaysia, the company said the minimum subscription level for the rights issue exercise had been achieved notwithstanding the undersubscription rate of the rights issue.

The rights issue exercise was for 875 million new right shares on the basis of two rights shares for every one share held together with free detachable warrants of three warrants for every four rights shares subscribed.