plan was approved by the company's board at its meeting today and comes in the backdrop of the group's foray into the housing finance business and expansion of its healthcare business.
The company plans to raise Rs 2,000 crore through a rights issue
with an issue price of Rs 2,380 per equity share. The issue price is 13% discount to stock's Thursday's closing price of Rs 2,740.80.
The promoters will be participating in the rights issue, the company said in its stock exchange notification. A committee will decide the terms and conditions and the timing of the rights issue.
Additionally, the board also approved raising of Rs 5,000 crore through the issue of convertible debentures
from institutional investors.
These will carry an interest rate of 7.8%. The convertible debentures
will mature 18 months after allotment date and that shareholders will have an option to convert them into equity shares any time before maturity.
The company's board and shareholders had earlier approved raising of funds upto Rs 5,000 crore and today board approved the issue of debentures
for the same.
The board also decided to carry out a rights issue
“to enable shareholders of the company to participate in the proposed fundraising”.