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Mahindra Lifespace fixes rights issue price at Rs 292/share

Press Trust of India  |  New Delhi 

Realty firm Developers today fixed the issue price at Rs 292 per share for its Rs 300-crore rights issue programme.

The rights committee of the company in its meeting today approved issue of 10,273,600 equity of face value of Rs 10 each at a price of Rs 292 per equity share, including a premium of Rs 282 per share, Developers said in a filing.

A total of Rs 299.98 crore is proposed to be raised through issue of to eligible equity shareholders of the company in the ratio of 1:4 (one rights equity share for every four fully paid-up equity held), it added.

The company further said March 31 has been fixed as the record date for determining shareholders eligibility to apply for the rights equity shares in the issue.

Earlier this month, Developers had received capital markets regulator Sebi's approval for the rights issue.

The proceeds from the issue will be primarily used for redemption of non-convertible debentures. ICICI Securities Ltd is the sole book running lead manager for the offer.

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

First Published: Mon, March 20 2017. 19:28 IST