I’m baffled by this move! What’s the need for rights issue when they are already claiming to have excess liquidity on the balance sheet. Simultaneously, in 2023 AR they reported to raise 23k cr through NCDs and plan to raise remaining amount out of sanctioned 50k.
On the other hand, due to this move the book value per share will reduce from current 384 to 269. At the market price of 200 with additional 24.62 Cr shares the adjusted price should come to around 140, resulting in a P/B of 0.52