It means that for every 46 shares you owned pre rights issue, you will get 5 additional shares of the Co at a price of 81Rs each. These will be granted as REs which can be bought and sold in the market like shares till such time as the REs are converted into actual stocks of PPL. If you choose to convert the REs to PPL shares, you will get additional PPL shares at 81 Rs per share. Or if you want to cash them, you can sell them in the open market at the market trading price.
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