Kopran Limited's Rs 28.60 crore rights issue has been fully subscribed, according to a source close to the company.

According to another source, the issue has been subscribed 1.1 times the offer. Kopran witnessed a rise of 20 per cent in share price to Rs 53 on 24th June at BSE.

The rights offer, which opened on May 8, 2002, closed on June 22. The offer was earlier scheduled to close on June 7, but the date was extended as the response to the offer was dull due to border tension.

Under the offer, the company issued 71,50,000 equity shares of Rs 10 each for cash at a premium of Rs 30 per share on a rights basis in the ratio one equity share for every two equity shares held.

The offer was lead managed by city-based investment banker KJMC Global Market (India) Ltd. The issue was made to finance retirement of debt (Rs 20 crores), long term working capital (Rs 5 crores), research and development (Rs 3.35 crores) and issue expenses (Rs 25 lakhs).