Shares of Grasim Industries closed at Rs 2,070.20 on the NSE on Thursday, down 0.1% from the previous close.
Shareholders will be entitled to six rights equity shares for every 179 they hold in the company as on the record date.
Grasim Industries will issue 2.21 crore shares on a partly-paid up basis, with the face value of each share at Rs 2, and a premium of Rs 1,810 rupees per share, the company said in an exchange filing.
The company currently has 65.85 crore shares outstanding, which will rise to 68.06 crore post the issue.
In October last year, the board of Grasim Industries had approved raising up to Rs 4,000 crore to fund its ongoing capital expenditure plan, repaying its existing borrowings and general corporate purposes.
The company is currently in the midst of its highest-ever capital expenditure plan, and intends to use these funds for this growth capex.Promoters and the promoter group of the company has confirmed their participation in this rights issue. “They will fully subscribe to their rights entitlement and also to the unsubscribed portion, if any, demonstrating their deep conviction in Grasim’s growth prospects,” the company said in an earlier statement.
The on-market renunciation period for the issue will be Tuesday, Jan 23, while those looking to do it through an off-market should do it in a manner that the rights entitlements are credited to the demat account of the renouncees on or prior to the closing date of the issue.