Material subsidiary RMIL's board approves Rights Issue of equity shares of about Rs. 94.81 Crores
The board of Rashtriya Metal Industries Limited (RMIL), a material subsidiary, has approved raising additional capital of approximately Rs. 94.81/- Crores through a Rights Issue of equity shares.
- Rights Issue Amount
- approximately Rs. 94.81/- Crores
- Issuing Entity
- Rashtriya Metal Industries Limited (RMIL)
- Entity Type
- Material subsidiary of Gravita India Limited
- Purpose
- Support RMIL's strategic initiatives
- Securities Type
- Equity shares
What was announced
The Board of Directors of Rashtriya Metal Industries Limited (RMIL), a material subsidiary of Gravita India Limited, has approved raising additional capital of approximately Rs. 94.81/- Crores by way of a Rights Issue of equity shares.
Key details disclosed
- Type of securities: equity shares
- Type of issuance: Rights Issue
- Total amount for which the equity shares will be issued: approximately Rs. 94.81/- Crores
- Purpose: to support RMIL's strategic initiatives
How to read this
A Rights Issue offers new shares to existing shareholders, usually in proportion to their current holding. Here the issuing entity is the subsidiary RMIL, not the listed company. Shareholders of Gravita India are not being asked to subscribe; participation would be at the level of RMIL's shareholders.
The extent to which Gravita India's holding in RMIL changes will depend on how much of the Rights Issue is subscribed by Gravita India versus other shareholders of RMIL.
The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
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More numbers
- Rights Issue size at RMIL (approx.)Rs. 94.81/- Crores
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