Grasim Industries board approves Rs 4,000 crore rights issue

Aditya Birla group firm Grasim Industries on Thursday said its board has approved raising Rs 4,000 crore through a rights issue.

The shares will be issued at a price of Rs 1,812 apiece, according to a regulatory filing.

At its meeting on Thursday, the company's board approved issuance of ''2,20,73,935 equity shares of the company each on partly-paid basis for an amount aggregating to Rs 3,999.80 crore.'' The rights issue will open on January 17 and close on January 29.

In October last year, Grasim Industries had said it will raise Rs 4,000 crore by issuing equity shares of face value of Rs 2 each through a rights issue.

Among others, the company is entering into the paints business through the brand 'Birla Opus' where it is investing Rs 10,000 crore to set up green field capacities.

It is also a leading global player in Viscose Staple Fiber (VSF).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)