Home / Business and Economy / TIL Stock Halved: Rights Issue to Raise ₹200 Crore
TIL Stock Halved: Rights Issue to Raise ₹200 Crore
17 Mar
Summary
- TIL board approved raising ₹200 crore via rights issue.
- Partly paid-up equity shares will be issued at a discount.
- Shareholders receive 11 shares for every 64 owned.
The stock of TIL experienced a notable downturn, closing 1.9% lower on Monday at ₹199. This represents a 14% decrease over the last month and a more than 50% reduction from its 52-week high of ₹409.
In response to this market performance, TIL's board of directors has approved a plan to raise ₹200 crore through a rights issue. This capital will be raised by issuing 1.2 crore partly paid-up equity shares of face value ₹10 each.
The issue price has been set at ₹165 per fully paid-up equity share, which is a 17% discount compared to Monday's closing price. Existing shareholders, as of the record date on Monday, March 23, are eligible to receive 11 rights equity shares for every 64 shares they own.
To proceed with the application, shareholders must pay 75% of the issue price per equity share. The specific dates for when this rights issue will open and close have not yet been announced by the company.
