Grasim Industries to raise ₹4,000 crore through rights issue

New Delhi, Grasim Industries on Monday said it will raise Rs 4,000 crore through a rights issue. The company's board, at its meeting on Monday, "approved the raising of funds by way of issue of equity shares of face value of Rs 2 each through rights issue for an amount not exceeding Rs 4,000 crore," it said in a regulatory filing.

The plan is subject to receipt of regulatory/statutory approvals, in accordance with the applicable laws.

On October 11, the Aditya Birla group flagship firm had said its board would meet on October 16 to consider raising funds by way of equity shares or other securities through rights issue, qualified institutions placement and preferential issues.

Among others, Grasim Industries is entering into the paints business through the brand 'Birla Opus' where it is investing Rs 10,000 crore to set up green field capacities.

It is also a leading global player in Viscose Staple Fiber (VSF) and the largest chemicals player in India.