Why are Tilaknagar Industries shares down 5% today? Details here
The company's board has approved a preferential issue of securities, including equity shares and warrants, to raise approximately ₹2,296 crore. The issue price has been set at ₹382 per security, representing a discount of nearly 25% to the current market price, which triggered investor concerns and a negative reaction on the stock.
The preferential allotment is being offered to 44 investors, including promoters and other existing institutional stakeholders. One of the most significant aspects of this issue is the participation of the promoter group, with Mr. Amit Dahanukar, the company's Chairman and Managing Director, subscribing to warrants worth around ₹306 crore. This move is being seen as a strong show of confidence in the company's future prospects.
Tilaknagar Industries plans to use the proceeds from this capital raise primarily for acquiring the Imperial Blue business division, a strategic expansion that could bolster its product portfolio and market share in the competitive IMFL space. A part of the funds will also be allocated for general corporate purposes.
The company stated that this preferential issue, coupled with an upcoming debt raise, is part of a balanced financing strategy to fund the acquisition and drive long-term growth.
Tilaknagar Industries shares opened at ₹499.00 and touched a high of ₹517.25 during the day, while the low was ₹481.00. The stock had closed at ₹510.05 in the previous session. Its 52-week range spans from a low of ₹199.53 to a high of ₹524.00.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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