Overview
- Shares rose more than 6% intraday on Wednesday after the company detailed the offer, with the stock touching about Rs 2,517.50.
- The rights price is Rs 1,800 per partly paid share, roughly a 24% discount to Tuesday’s close.
- Shareholders on the Nov 17 record date are entitled to three partly paid rights shares for every 25 fully paid shares held.
- The board approved up to 13.85 crore rights shares, targeting Rs 24,930.30 crore on full subscription, with proceeds directed to debt optimisation and capex; gross debt stood at Rs 92,065 crore in September.
- The Letter of Offer will outline fractional entitlements and payment schedules, and the subscription and allotment dates have not yet been announced.