The board of TIL has approved raising a sum of ₹200 crore at the conclusion of its board meeting on Monday, March 16, through a rights issue.In an exchange filing, TIL said that it will be issuing partly paid-up equity shares of face value of ₹10 each, as part of this rights issue exercise.
The company will be issuing 1.2 crore partly paid-up shares to raise the sum of ₹200 crore through the rights issue.
Issue price for the same has been fixed as ₹165 per fully paid-up equity share held by the shareholder as on the record date. The issue price is at a 17% discount to Monday’s closing price for TIL.Existing shareholders of TIL will be eligible to receive 11 rights equity shares for every 64 shares they own as on the record date, which has been fixed as Monday, March 23.75% of the issue price per equity share will have to be paid on application, as per TIL’s release.Dates for when the rights issue will open and close for shareholders has not yet been disclosed by the company.Shares of TIL ended 1.9% lower on Monday at ₹199. The stock is down 14% in the last one month, but more importantly, it has more than halved from its recent 52-week high of ₹409.
