New Delhi, Grasim Industries has announced its plans to raise Rs 4,000 crore through a rights issue. The company’s board of directors, in a meeting on Monday, has approved the issuance of equity shares with a face value of Rs 2 each. This move is aimed at raising funds not exceeding Rs 4,000 crore, as stated in a regulatory filing.
However, the implementation of this plan is subject to the receipt of regulatory and statutory approvals, in accordance with the applicable laws.
Earlier, on October 11, the Aditya Birla group flagship firm, Grasim Industries, had announced that its board would convene on October 16 to discuss funding options, including equity shares, rights issue, qualified institutions placement, and preferential issues.
In addition to this, Grasim Industries is venturing into the paints business under the brand name “Birla Opus,” with an investment of Rs 10,000 crore for setting up greenfield capacities. This move diversifies the company’s business portfolio.
Grasim Industries is also a prominent global player in Viscose Staple Fiber (VSF) and holds the position of India’s largest chemicals player. With these initiatives, the company aims to strengthen its presence in the industry and expand its operations.