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Dunlop board approves rights issue

KOLKATA: The board of Dunlop India Ltd. (DIL) has approved a proposal to make a Rs. 27 crore rights issue. The offer letter is to be sent to shareholders shortly, DIL Chairman, Pawan Ruia, said. This development comes at a time when the Board for Industrial and Financial Reconstruction (BIFR) has ordered the stock exchanges at Mumbai, Kolkata, Delhi and Ahmedabad to lift the suspension of trading on DIL shares. The rights offer to be issued at a face value of Rs. 10 at par is likely to be made by April 15.

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