Indiabulls Housing Finance Rights Issue: Check dates, price, entitlement here

February 1, 2024, has been fixed as the record date to determine the eligibility of shareholders who will receive the rights shares.

A rights issue is where a company raises funds by selling additional shares to existing shareholders of the company. In case an individual does not own shares of the company as of the record date, he/she is not eligible to participate in the rights issue. These rights shares are sold at a discount to the current market price.

Indiabulls Housing Finance's rights issue will open on February 7 and close on February 13, 2024. The on-market renunciation period, where existing shareholders can give up their rights on the floor of the market at a better price, will take place between February 7 and February 8.

Existing shareholders of Indiabulls Housing Finance will be entitled to receive one rights equity share for every two paid-up equity shares they currently own.

The board of Indiabulls Housing Finance had last week approved raising up to ₹5,000 crore or a sum equivalent in US Dollars via various methods.

Grasim, the Aditya Birla Group company, recently announced a ₹4,000 crore rights issue, which closes today, January 29. You can read more about that here.

Shares of Indiabulls Housing Finance ended 5% higher on Thursday, but are down 8% this month. However, the stock is up 70% during the last 12 months.