Tata Consumer Products has revealed a Rs 3,000 crore rights issue, offering 3.67 crore equity shares to its eligible shareholders.
This announcement is important for shareholders, as the ex-date for this rights issue is set for 26 July, making today the final opportunity for investors to purchase shares to qualify for the rights offering.
The company has designated 27 July as the record date, but since it falls on a Saturday, a market holiday, the stock will commence trading on an ex-rights basis starting from Friday.
The rights issue is structured on a 1-for-26 basis, where shareholders will receive one rights equity share for every 26 fully paid-up equity shares they hold as of the record date. This means that investors holding shares in quantities not divisible by 26th will have their fractional entitlements disregarded. The issue price for the rights shares is set at Rs 818 each, inclusive of a premium of Rs 817.
The rights issue is scheduled to open on 5 August and will remain open until 19 August, giving eligible shareholders a window to subscribe to the offered shares.
