TIL Approves ₹200 Crore Rights Issue at 17% Discount; Record Date Set for March 23
Company Plans Fundraise Through Partly Paid-Up Shares
TIL has approved a fundraise of ₹200 crore through a rights issue following the conclusion of its board meeting held on Monday, March 16.In a regulatory filing, the company stated that the issue will involve partly paid-up equity shares with a face value of ₹10 each.
Issue Details and Pricing Structure
As part of the offering, TIL will issue 1.2 crore partly paid-up equity shares to mobilize the planned ₹200 crore.The issue price has been fixed at ₹165 per fully paid-up equity share, which represents a 17% discount to the company’s closing price on Monday.
Rights Entitlement and Payment Terms
Eligible shareholders will receive 11 rights equity shares for every 64 shares held as of the record date, which has been set as Monday, March 23.The company has specified that 7.5% of the issue price per equity share will be payable at the time of application.
Timeline Yet to Be Announced
TIL has not disclosed the opening and closing dates for the rights issue at this stage.Stock Performance
Shares of TIL ended Monday’s session 1.9% lower at ₹199.The stock has declined 14% over the past month and has dropped significantly from its recent 52-week high of ₹409.
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