Grasim to issue rights shares at Rs 1,812 apiece

Aditya Birla Group flagship company Grasim Industries on Thursday announced a price of Rs 1,812 per share for its rights issue through which it plans to raise Rs 4,000 crore.

The company said it will issue a total of 2,20,73,935 rights equity (RE) shares and has set January 10 as the record date to determine the eligible holders.

The rights entitlement has been fixed in the ratio of six shares for every 179 fully paid-up equity share of the company held by the eligible equity shareholders as on record date.

On October 16, the company received the board’s approval to raise Rs 4,000 crore through the rights issue of shares. The funds are expected to be used largely for capital expenditure.

Grasim Industries is a diversified company and a global producer of viscose, chemicals, linen yarn and fabrics in India. The company has recently ventured into the paints business and is setting up six plants across India.