Mahindra Lifespace's Rs 300 crore rights issue to open tomorrow

Realty firm Mahindra Lifespace Developers' Rs 300 crore rights issue programme will open on Wednesday.

The issue will close on April 26, the company said in a statement.

The company plans to issue 10,273,600 equity shares of face value Rs 10 each at a price of Rs 292 per equity share, including a premium of Rs 282 per share.

A total of Rs 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 issue price of each rights equity share is 29.20 times the face value of the equity share.
 

Proceeds from the issue will be primarily used for redemption of non-convertible debentures.

ICICI Securities Ltd is the sole book running lead manager for the offer.

Last month, Mahindra Lifespace Developers had received capital markets regulator Sebi's approval for the rights issue.