Moneycontrol
Last Updated : Jun 29, 2020 06:53 PM IST | Source: Moneycontrol.com

Aditya Birla Fashion to launch Rs 995 crore rights issue on July 8

The rights issue price has been set at Rs 110 for one fully-paid share of face value Rs 10—14 per cent discount to its last closing price of Rs 128.

 
 
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Aditya Birla Fashion and Retail has decided to open its rights issue for subscription next week.

The record date for rights issue has been fixed as July 1. The issue will open for subscription on July 8 and will close on July 22.

The rights issue price has been set at Rs 110 for one fully-paid share of face value Rs 10—14 per cent discount to its last closing price of Rs 128.

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The company said investor has to pay 50 percent of the issue price (Rs 55) at the time of application, and the 25 percent amount (Rs 27.5) in January 2021 and the balanced 25 percent (Rs 27.5) in July 2021.

Aditya Birla proposed to issue 9,04,65,693 partly-paid up equity shares through rights issue and has fixed rights entitlement ratio at 9:77 i.e. 9 partly-paid rights equity shares for every 77 existing fully-paid shares held by eligible equity shareholders as on the record date.

On June 26, the company said the promoter and promoter group will fully subscribe to the extent of their Rights Entitlement and do not intend to renounce such rights, except to the extent of renunciation within the promoters and promoter group; and subscribe to any additional equity shares in the issue, amongst themselves, for ensuring subscription to the extent of at least 90 percent of the issue (in case of under-subscription below 90 percent in the issue).

Any participation by the promoter / members of the promoter group, over and above their rights entitlement, shall not result in a breach of the minimum public shareholding requirements prescribed under applicable laws, company said.

Additionally, the board also approved the Letter of Offer to be filed with Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited.
First Published on Jun 29, 2020 06:53 pm
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