The ₹300-crore rights issue of Mahindra Lifespace Developers opens for subscription on Wednesday and will close on April 26. The company will issue up to 1.02 crore equity shares for cash at ₹292 on rights basis to eligible shareholders.
The entitlement ratio is one equity shares for every four fully paid-up equity shares held as on the record date — March 31. Proceeds from the issue will primarily be used for redemption of non-convertible debentures.