Reliance Defence plans Rs.1,200 crore rights issue

Mumbai: Reliance Defence on Friday said it will make a rights issue of Rs.1,200 crore to mainly exit the corporate debt restructuring programme and undertake strategic business from the defence ministry. In a regulatory filing, the company said the board of directors at a meeting here on April 22, approved augmenting long-term resources by making a rights offer, subject to requisite sanctions and approvals. "The issue price, entitlement ratio and the record date for the rights issue will be decided in due course, in consultation with the advisors and bankers to the issue," the company said. Reliance Infrastructure had taken over the management and control of Pipavav Defence in January this year with a 36.5 percent holding and renamed the company Reliance Defence. IANS