Mahindra Lifespace Developers Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/05/2025 ,inter alia, to consider and approve Mahindra Lifespace ....
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Mahindra Lifespace Developers has informed BSE that its Board will meet on 13th May 2025 to give fresh approval for a Rights Issue of up to Rs 1,500 Crore, the same size as the one originally cleared on 13th February 2025. The re-approval is needed because SEBI issued new simplified Rights Issue regulations effective 8th April 2025, and the company wants to pursue the issue under these easier norms. No new shares beyond the earlier approved amount will be issued. Proceeds from the issue will be used to pay down existing debt and fund future growth. In its February press release, the company highlighted strong business momentum, with year-to-date GDV (project) additions of over Rs 16,000 Crore versus Rs 4,400 Crore in FY24, and a healthy Net Debt-to-Equity ratio of 0.5x as of December 2024.
Existing shareholders can expect a potential rights entitlement that could dilute holdings if not fully subscribed, but it also gives them the first right to maintain their stake. The debt-reduction goal is positive for long-term financial health, though the actual timing and pricing of the rights issue will depend on the May 13 board outcome.