Grasim board gives nod to rights issue at Rs 1,812/share

Grasim rights issue 2024, Grasim rights issue record date: Grasim Industries shares rose on Friday a day after the company’s board approved fund-raising up to Rs 4,000 crore through the issuance of rights. The Grasim stock finished stronger by Rs 10.5, or 0.5 per cent, for the day at Rs 2,079.1 apiece on BSE, after rising by as much as Rs 30.4, or 1.5 per cent, to Rs 2,099 apiece during the session.

The company plans to issue up to 2.2 crore equity shares its promoter group, according to a regulatory filing post-market hours on Thursday.

Grasim rights issue price

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The flagship company of the Aditya Birla group declared the price for the rights issue at Rs 1,812 per share, translating into a 12.4 discount to the previous close.

Grasim rights issue record date

The company set January 10 as the record date for the issuance of rights.

Here are some of the key details about the upcoming rights issue by Grasim Industries:

• Grasim rights issue opening date: Wednesday, 17 January 2024
• Grasim rights issue closing date: Monday, 29 January 2024
• Grasim rights issue on-market renunciation period: Tuesday, 23 January 2024;
• Grasim rights issue off-market renunciation: It is noted that the eligible equity shareholders will have to ensure that renunciation through off-market transfers is completed in such a manner that the rights entitlements are credited to the demat account of the renounces on or prior to the Issue closing date

What does Grasim do?

Established as a textiles manufacturer in India in 1947, Grasim today a global player in viscose staple fibre (VSF) and a prominent producer of chlor-alkali, advanced material, linen yarn and fabrics in the country.

Grasim recently ventured into the paints business and has also set up a B2B online market place for building materials and also the largest cement producer and a prominent diversified financial services player in the country through its subsidiaries UltraTech Cement and Aditya Birla Capital, according to the Grasim website.