IIFL Finance shares gain after board gives nod to rights issue—check out record date, share issue price

IIFL Finance rights issue, IIFL Finance share price: IIFL Finance shares surged on Thursday, April 18, a day after the NBFC's board approved raising up to Rs 1,271.83 crore from a rights issue at a price of Rs 300 per share. The IIFL stock rose nearly three per cent to the day's high of Rs 433.55 on NSE in morning deals.

Last month, the IIFL board approved raising an amount not exceeding Rs 1,500 crore by way of issue of shares on a rights basis to existing eligible shareholders as on the record date. The NBFC has been barred by the Reserve Bank of India (RBI) from sanctioning or disbursing gold loans.

IIFL Finance rights issue: Total number of equity shares and size

IIFL Finance said its board has approved 4,23,94,270 fully paid-up equity shares each for an amount aggregating up to Rs 1,271.83 crore (assuming full subscription with respect to rights equity shares).

IIFL Finance rights issue period

IIFL Finance rights issue opening date: Tuesday, April 30

IIFL Finance rights issue closing date: Tuesday, May 14

IIFL Finance rights issue price

The board has approved a price of Rs 300 per share including a premium of Rs 298 per unit. 

IIFL Finance rights issue record date

The record date has been fixed as April 23, 2024, by the firm. 

Rights entitlement ratio

According to the regulatory filing, one rights equity share for every 9 fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date. 

Last month, the RBI barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal.

RBI had said that the supervisory restrictions will be reviewed upon completion of a special audit to be instituted by the RBI and after rectification by the company of the special audit findings and the findings of RBI Inspection to the satisfaction of the central bank.

(with PTI inputs)

For all other news related to business, politics, tech and auto, visit Zeebiz.com.