The board of Tata Consumer Products Ltd has approved a fundraising proposal for an amount not exceeding ₹6,500 crore. As per the company’s regulatory filing, the company will raise ₹3,500 crore through the issuance and allotment of commercial papers to be utilised for bridge funding to facilitate the payment of consideration for the proposed acquisition of stakes in Capital Foods Private Limited and Organic India Private Limited.
- Also read: Tata Consumer acquires Capital Foods
In addition, the company plans to raise ₹3,000 crore by way of rights issue (equity shares of face value ₹1 each).
Tata Consumer Products stock rose by 1.02 per cent, traded at ₹1,158.45 as of 11.45 am on January 19.