Grasim Industries announced that its ₹4,000 Crore rights issue has witnessed robust investor interest, being oversubscribed nearly two-fold on the final day of subscription. The company received cumulative bids for approximately 4.34 crore shares, surpassing the 2.21 crore shares offered by the Aditya Birla Group firm, as detailed in an exchange filing.
The rights were issued at ₹1,810 per share, representing a 16% discount compared to the prevailing market price. Grasim Industries’ shares settled at ₹2,103.05 on BSE, marking a 1.37% increase from the previous close.
In a separate disclosure to stock exchanges, Grasim Industries confirmed the repayment of ₹600 Crore to investors holding its commercial paper, which matured on the same day.
The rights issue, which opened on January 17, reflects the company’s commitment to raising ₹4,000 Crore for its next growth phase. The board of Grasim Industries had approved this fund infusion on January 4, issuing 2.21 crore shares with a face value of ₹2 and a premium of ₹1,810.
Grasim Industries, a major player in the Viscose Staple Fiber (VSF) market, is diversifying its portfolio by entering the paints business under the brand ‘Birla Opus,’ with a significant investment of ₹10,000 Crore for establishing greenfield capacities.
Grasim Industries’ consolidated revenues from operations for the financial year ending March 31, 2023, stood at ₹1.17 Lakh Crore.
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.