Approval of raising of funds throough issuance and allotment of equity shares up to an aggregate amount of Rs.96 Crore on rights issue basis.
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India Homes Limited (formerly India Steel Works Ltd) has received board approval to raise up to Rs. 96 crore through a rights issue of equity shares with face value of Rs. 1 each. The company will issue shares to eligible equity shareholders as on a record date to be notified later. The board has also appointed intermediaries for the proposed rights issue and constituted a Rights Issue Committee chaired by Sudhir H. Gupta (Executive Chairman). The detailed terms including pricing and offer letter will be communicated to shareholders subsequently. The raise is subject to regulatory approvals including SEBI ICDR regulations.
Existing shareholders will have the opportunity to purchase additional shares at the rights issue price, which typically comes at a discount to market price. The significant Rs. 96 crore fundraise could dilute existing shareholdings if shareholders do not fully participate, but provides capital for the company's growth or operational needs.