Grasim Industries Shares hit a 52-week high of Rs 2,022 on 12 October after the company announced that its Board of Directors would meet to consider raising funds through a preferential issue, a qualified institutional placement, or a right issue.

Grasim Industries in its regulatory filing, said, “A meeting of the board of directors of Grasim Industries Limited is scheduled to be held on Monday, 16 October… to consider the proposal for raising of funds by way of equity shares or other securities through rights issue, qualified institutions placement, preferential issue or any other method, as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required.”

Grasim Industries is controlled by the Aditya Birla Group.

As of 30 June, the company’s promoter holds a 42.75% stake in the company, LIC holds a 9.3% stake, FIIs (Foreign Institutional Investors) hold a 12.29% stake, DIIs (Domestic Institutional Investors) hold 20.7%, and the public holds a 23.95% stake.

The shares of the company have gained more than 21% over a period of one year against the 16.5% of the Nifty 50 index.

At 3:15 pm, the shares of Grasim Industries were trading at Rs 2,002.90 or 1.15% above its previous close on NSE.