Shares of Grasim Industries were trading in the green and 1% higher on 5 January after the company announced that its Board of Directors had approved a rights issue worth Rs 3,999.80 crore.

In its regulatory filing, the company said that a board meeting was held on 4 January to approve a rights issue of 2,20,73,935 equity shares of the company, with each on a partly-paid basis for a total amount of Rs 3,999.80 crore. The right issue price has been set to Rs 1,812 per equity share when fully paid up.

The rights issue will open on 17 January 2024 and will remain open till 29 January 2024. 10 January has been set as the record date for determining the shareholder’s eligibility for the rights issue.

As of the record date, the eligible equity shareholders of the company who hold 179 fully paid-up equity shares of the company will be issued 6 rights equity shares.

Earlier, the company announced the expansion plans for its advanced materials capacity at the Gujarat unit. Moreover, the chemical division of the company has successfully commissioned an additional 123,000 tonnes of advanced materials manufacturing capacity annually at Vilayat, Dist. Bharuch, Gujarat.

At 11:41 pm, the shares of Grasim Industries had shed all their early gains and were trading 0.18% lower at Rs 2,066.50 on NSE.