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Shares of Sandur Manganese & Iron Ore were locked in their 20 percent upper circuit at Rs 4522.80 after the company said its Board has approved a Rs 18 crore rights issue and a capex plan of Rs 900-Rs 950 crore. Sandur Manganese stock also touched its 52-week high on the BSE on Monday.

Under the proposed rights issue, Sandur Manganese & Iron Ores' board of directors has approved issuing up to 1,80,03,882 equity shares with a face value of Rs 10 each. A 2:1 entitlement ratio has been fixed (two rights equity shares for each equity share held).

"The board approved Rs 18 crore rights issue in the ratio of 2 new equity shares for every 1 equity share held by eligible shareholders as on the record date. Further, the Board has constituted and authorised the 'Right Issue Committee' to decide detailed terms and conditions of the Issue, including but not limited to the deciding the payment modalities/schedule thereof, record date, timings, other terms and conditions and all other related matters etc. The promoter and promoter group of the Company will subscribe to all the unsubscribed shares in the Issue if any," the company said in a filing.

The number of outstanding equity shares in the firm will increase to 2,70,05,823 from 90,01,941 at the time of the rights issue. If any shares in the issue remain unsubscribed, the company's promoters and promoter group will subscribe to them.

The board also accepted a proposal to enter into a power purchase agreement, as well as a share subscription and shareholding arrangement, with Renew Green Energy Solutions for the delivery of solar and wind energy to the firm and its subsidiaries.

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