The company said that the rights issue marks a strategic step toward unlocking value in the high growth real estate subsidiary (with a 60% stake), Lloyds Realty Developers Limited (LRDL). The issue comprises 25.44 crore equity shares on a partly paid basis.
The net proceeds from the rights issue will be used to subscribe to non convertible debentures (NCDs) of LRDL, which will utilise the funds for real estate development, land acquisition, debt repayment, and strategic investments through its subsidiaries and affiliates.