AgroPages-Zuari Agro Chemicals defers rights issue-Agricultural news

Zuari Agro Chemicals said it has deferred the rights issue due to volatility in the market.

The companys board had in February gave in-principle approval for the Rights Offer of equity shares.

The Board had constituted a committee of directors to decide on the ratio, price and quantum of the rights issue.

Tracking weak global peers, stock markets came off 17-month highs as the BSE benchmark Sensex plunged 248 points to end at 28,797.25. The broader markets too felt the heat with BSE mid-cap and small-cap indices falling 0.99 per cent and 0.47 per cent, respectively.

In a filing to the BSE, Saroj Poddar-led Zuari Agro Chemicals informed that "due to volatility in the market, the board of directors of the company have decided to defer the rights issue till such time as the board deems fit".

In a separate filing, the company said that V Seshadri ceased to be Chief Financial Officer and Key Managerial Personnel (KMP) of the company with effect from July 1, 2016.

"Sandeep Agrawal has been appointed as Chief Financial Officer and Key Managerial Personnel (KMP) of the company with effect from July 1, 2016," the filing added.