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Mahindra Lifespace Developers on Monday fixed the issue price at ₹292 a share for its ₹300-crore rights issue. The stock closed at ₹375.20 on the NSE.
The proceeds from the issue will be primarily used for redemption of non-convertible debentures, the company said..
The company plans to offer 1.027 crore equity shares to its shareholders.
“A total of ₹299.98 crore is proposed to be raised through issue of shares to eligible equity shareholders of the company in the ratio of 1:4 (one rights equity share for every four fully paid-up equity shares held),” the company said in a statement.
As of December 31, 2016, promoters had held 50.85 per cent and the public 49.15 per cent. Among the public, 85 foreign portfolio investors hold 24.99 per cent stake and about 60,400 small shareholders own 9.79 per cent stake in the company.
Mahindra Lifespace has fixed March 31 as the record date to identify eligible shareholders to participate in the proposed the rights equity.
ICICI Securities is the sole book running lead manager for the offer.
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