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Reliance Defence and Engineering Ltd (RDEL) said that it will be raising up to Rs 1,200 crore through rights issue to augment long-term resources and exit from corporate debt restructuring (CDR).
The company has said in a BSE filing that “RDEL, formerly known as Pipavav Defence and Offshore Engineering Company intends to augment long-term resources by making a rights issue of equity shares aggregating up to Rs 1,200 crore.”
In a meeting, Reliance Defence Board of Directors approved the rights issue.
The filing further added that “The issue shall be subject to applicable approvals. The price, entitlement ratio and the record date for the rights issue will be decided in due course in consultation with the advisors and bankers to the issue.”
