New Delhi, Apr 17 (Reporter) Financial services company IIFL Finance on Wednesday said that the company board has approved Rs 1,271.83 crore rights issue and also finalized the terms of the fund raise. In rights issues, companies offer its existing shareholders the chance to buy more shares. As per a regulatory filing to stock exchange by IIFL Finance, the rights issue involves 4,23,94,270 fully paid-up equity shares of face value of Rs 2 each for amount aggregating up to Rs 1,271.83 crore (assuming full subscription with respect to rights equity shares) and priced Rs 300 per fully paid-up equity share including a premium of Rs 298 per equity share. The record date for eligibility is April 23, 2024. The rights issue would open on April 30, 2024 and close on May 14, 2024. IIFL Finance filing to the stock exchange said that eligible shareholders of the company will get one rights share for every 9 fully paid-up equity shares held as on the record date. The Reserve Bank of India (RBI) had in March this year barred IIFL Finance from offering gold loans after finding certain deficiencies. "Certain material supervisory concerns were observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in Loan-to-Value ratio; significant disbursal and collection of loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts, etc," the RBI had said on March 4 while directing IIFL Finance to stop offering new gold loans...////...