03 February,2024 05:10 AM IST | Mumbai | Agencies
Representation Pic
Indiabulls Housing Finance on Friday said its Rs 3,693 crore rights issue will be open from February 7 to February 13. The issue consists of 24,62,26,515 partly paid-up equity shares for an amount aggregating to Rs 3,693.39 crore. The issue price is fixed at Rs 150 per share, having a face value of Rs 2, meaning the issue comes at a premium of Rs 148 per share, the company said in a statement.
Of the total proceeds from the issue, Rs 273.4 crore will be used to augment the capital base and Rs 83.99 crore will be utilised for general corporate purposes. A rights issue is where a company raises funds by selling additional shares to existing shareholders of the company. In case an individual does not own shares of the company as of the record date, they are not eligible to participate in the rights issue. These rights shares are sold at a discount to the current market price.
One-for-two offer
A participating shareholder will get one equity share for every two shares they own as of February 1, 2024 (the record date), the statement said, adding that the last date for credit of rights entitlements is February 6 and the last date for renunciation rights is February 8, which means the rights entitlements can be bought and sold on February 7 and February 8.
ALSO READ
What Nita Ambani, Kavya Maran, Preity Zinta wore on IPL 2025 Mega Auction Day 1
Gulzar leaves a note after Air India crew's warm hospitality, see what he wrote
Salvador Dalí's iconic bronze sculpture Cosmic Rhinoceros comes to Mumbai
"No leader in the opposition for the first time in Maharashtra," says Shaina NC
Four booked for extortion attempt posing as journalists in Thane
Top 5 company
Indiabulls Housing predominantly offers housing loans and loans against property to salaried and self-employed individuals, micro, small, and medium-sized enterprises, and corporates. As of September 2023, its loan book stood at Rs 5,434 crore and it is among the top five housing finance companies in terms of assets under management.
70% rally in one year
For the six months till September 2023, its revenue stood at Rs 412.76 crore and net profit at Rs 59.24 crore. Shares of the company have been see-sawing this month, but they are up 70 per cent during the last 12 months. Grasim, an Aditya Birla Group company, recently announced a Rs 4,000-crore rights issue, which closed on January 29.
