Tata Group's retail subsidiary Trent to raise up to Rs 1,550 cr for expansion plans; shares rise by 1.41%

Trent said the total amount to be raised from the issuance of shares to the promoter is about Rs 950 crore.

Press Trust of India June 18, 2019 18:28:35 IST
Tata Group's retail subsidiary Trent to raise up to Rs 1,550 cr for expansion plans; shares rise by 1.41%
  • The board of directors also appointed a panel of the board to explore options to raise additional funds of Rs 600 cr

  • Trent said it is witnessing positive traction for its lifestyle retail concepts

  • The foregoing fundraising proposal was considered by the board of directors

New Delhi: Tata Group's retail arm Trent Ltd on Tuesday announced plans to raise up to Rs 1,550 crore in the current financial year through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options, to fund its expansion.

"The board of directors at its meeting...approved the issue of equity shares on a preferential basis to Tata Sons Pvt Ltd, promoter of the company, subject to such regulatory/ statutory approvals as may be required, including approval of the shareholders of the company," Trent Ltd said in a regulatory filing.

Tata Groups retail subsidiary Trent to raise up to Rs 1550 cr for expansion plans shares rise by 141

Representational image. Reuters.

The company said the total amount to be raised from the issuance of shares to the promoter is about Rs 950 crore.

Separately, Trent said, "Independent of the above issuance, the board of directors also appointed a committee of the board to explore options to raise additional funds not exceeding Rs 600 crore in the financial year 2019-20 by issue of equity shares or other securities including through qualified institutional placement (QIP), rights issue or any other permissible mode or a combination thereof."

"Options shortlisted by the committee, if any, shall be presented to the board of directors for consideration," the company added.

Trent Ltd said it is witnessing positive traction for its lifestyle retail concepts and consequently pursuing a substantially accelerated growth programme across the Westside, Zudio and Star formats.

"The foregoing fundraising proposal was considered by the board of directors in the context of the company's funding requirements given the growth plans," it added.

Shares of Trent Ltd closed 1.41 percent higher at Rs 395.05 apiece on the BSE.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

IPL 2020: Trent Boult backs Jasprit Bumrah to bounce back strongly against KKR
First Cricket News

IPL 2020: Trent Boult backs Jasprit Bumrah to bounce back strongly against KKR

Bumrah, regarded as India's best death bowler, leaked 43 runs against Chennai Super Kings in a losing cause in the IPL 2020 opener on Saturday.

DCGI approves commercial launch of Tata Group's low-cost COVID-19 test 'Feluda'
India

DCGI approves commercial launch of Tata Group's low-cost COVID-19 test 'Feluda'

This test uses an indigenously-developed, cutting-edge CRISPR technology for detecting the virus' genome sequence