The board of IIFL Finance Ltd has approved a rights issue not exceeding ₹1,500 crore.

According to the company’s stock exchange filing, the issue involves 4,23,94,270 fully paid-up equity shares of face value ₹2 each aggregating to ₹1,271.83 crore (assuming full subscription) and priced ₹300 per share, including a premium of ₹298 per share. The record date is April 23, 2024.

The issue opens on April 30, 2024, and closes on May 14, 2024.

The rights entitlement ratio is one rights equity share for every nine fully paid-up equity shares of the company held by equity shareholders.

IIFL Finance stock closed at ₹423 on the NSE in Tuesday’s trade, down by 1.9 per cent.