Sobha Ltd's shares are in the headlines today after the board approved an offer and issuance of equity shares worth Rs 2,000 crore through a rights issue. Sobha shares finished 0.11% down at Rs 2063.90 on June 12 compared to the previous closing of Rs 2066.15 on the BSE. The firm's market capitalization declined to Rs 19,575 crore. On the BSE, 2898 shares of the company changed hands for a total of Rs 59.58 lakh in value.

Sobha stock is up 283% in a year and 101.66% in 2024.  The stock reached a 52-week high of Rs 2174 on June 10, 2024, and a low of Rs 521.80 on June 26, 2023. Sobha stock has a one-year beta of one, indicating average volatility during the time.   

In terms of technicals, Sobha's relative strength index (RSI) is 63, indicating that it is neither overbought nor oversold. Sobha shares are trading higher above their 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, and 200 day moving averages.     

The rights offer has been priced at Rs 1,651 per equity share, representing a 25% reduction, according to the business. The issue will open on June 28 and end on July 4.

The real estate firm stated that six rights equity shares will be issued for every 47 fully paid-up equity shares of the company held by qualifying equity shareholders.

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