The flagship company of the Aditya Birla group had set the price for the rights issue at Rs 1,812 per share, with shareholders entitled to six rights equity shares for every 179 that they held in the company as on January 10.
The rights issue was open between Jan 17 – 29, and the shares issued will be at a face value of Rs 2 apiece, at a premium of Rs 1,810 rupees per share.
The company currently has 65.85 crore shares outstanding, and this 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.
Grasim said that it will be using these funds for the next phase of its growth. The company is set to launch its paints operations this quarter, under the brand ‘Birla Opus’. It will have six manufacturing units, with a combined production capacity of 1.33 million litres per annum. The company had committed an investment of Rs 10,000 crore for setting up this investment.Shares of Grasim Industries closed at 2,126.15 rupees on the NSE on Tuesday, up 1% from the previous close. Benchmark indices ended 1% lower.
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