Committee approves 7.68 million share issue at Rs 5,550
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The special committee closed the share issue to eligible institutional investors and approved the allocation of 7,683,981 shares at Rs 5,550 each. This was Rs 211, or 3.66 percent, below the Rs 5,761 floor price and represents gross proceeds of about Rs 426.46 crore before expenses.
The issue brings in about Rs 426.46 crore but increases the share count, diluting existing holders unless the funds create sufficient value.