The Delhi Metro Rail Corporation (DMRC) on Thursday launched a rights issue worth ₹7131.28 crore for its equity stakeholders, with funds raised to be utilised to pay an arbritral award of ₹4,500 crore to the Anil Ambani-controlled Delhi Airport Metro Express Private Limited (DAMEPL).
Through a rights issue, a company can raise funds from its existing shareholders by selling them additional shares. In this case, DMRC is offering a total of 7.13 crore new shares, having a face value of ₹1000 each, as per the minutes of the meeting of the DMRC board of directors held on December 13.
The DMRC is a 50:50 joint venture between the Government of India (GOI) and the Delhi government. Through the rights issue, DMRC expects both its stakeholders to infuse ₹3565.64 crore each via their equity contribution. The rights issue is expected to conclude on January 11, 2023.
