The board of IIFL Finance has sanctioned a rights issue in the ratio of one equity share for every nine equity shares, coinciding with the ongoing ban on its gold loan business. Priced at Rs 300 per share, the rights offer represents a 29% discount to the closing price of Rs 421.7 per share on Tuesday on the BSE. The aggregate amount targeted to be raised via the rights issue is Rs 1,271.83 crore, assuming full subscription. Each fully paid-up equity share, with a face value of Rs 2, will include a premium of Rs 298 per share on application.
IIFL Finance Board Approves Rights Issue Amid Gold Loan Business Suspension
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