Mahindra Lifespace raises Rs 300 crore from rights issue

Mahindra Lifespace Developers has raised Rs 300 crore through issue of equity shares to its existing shareholders.
The company had launched its rights issue programme on April 12.
"Pursuant to finalisation of basis of allotment in consultation with BSE limited, the Rights issue Committee of the company...Has approved the allotment of 10,263,388 rights equity shares of face value of Rs 10 each at a price of Rs 292 per equity share..," the company said in a BSE filing.
Following this transaction, the paid-up share capital of the company stands increased to over Rs 51.3 crore divided into 5.1 crore equity shares of Rs 10 each.

The share premium stands increased to Rs 974.38 crore, it added.
Shares of Mahindra Lifespace Developers closed at Rs 476.7 a unit, down by 0.96 per cent compared to previous close, at BSE today.