Indiabulls Housing Finance Rights Issue: Know more about dates, price, entitlement here

29 Jan 2024 , 12:54 PM

Indiabulls Housing Finance Ltd. approved a rights offer of shares to fund Rs 3,693 crore, according to an exchange filing on Sunday.

The business plans to issue 24.62 crore rights shares with a face value of Rs 2 apiece, priced at Rs 150 per rights equity share. The rights issue price represents a 24.6% reduction from the stock’s closing price last Thursday.

Shareholders must pay Rs 50 each rights equity share upon applying, and any unused subscription funds will be returned after 12 months of share allocation.

February 1, 2024, has been designated as the record date for determining the eligibility of shareholders who would receive rights shares.

A rights issue is a type of fundraising in which a firm sells extra shares to its current shareholders. If an individual does not hold shares of the corporation as of the record date, he or she is not entitled to participate in the rights offering. These rights shares are issued at a discount to the prevailing market price.

Indiabulls Housing Finance’s rights offering will begin on February 7 and end on February 13, 2024. The on-market renunciation period, during which current shareholders can give up their rights on the market floor at a higher price, will take place from February 7 to February 8.

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