Companies

Tube Investments to raise ₹350 cr via preferential issuance of shares

Our Bureau Chennai | Updated on November 27, 2020 Published on November 26, 2020

Murugappa Group firm Tube Investments of India Ltd will issue equity shares on a preferential basis to Azim Premji Trust and SBU Mutual Fund for a cumulative sum up to ₹350 crore.

The company’s board on Thursday approved the issue of 27,33,360 equity shares, each fully paid at ₹731.70 per equity share inclusive of a premium of ₹730.70 per equity share, aggregating up to ₹199,99,99,512 to Azim Premji Trust.

It also approved 15,03,348 equity shares each fully paid at ₹731.70 per equity share inclusive of a premium of ₹730.70 per Share, aggregating to ₹1,09,99,99,731.60 to SBI Focused Equity Fund.

SBI Magnum Midcap fund was allotted 5,46,672 shares , aggregating to ₹39,99,99,902.40.

The Board will convene an EGM of shareholders on December 21 through conferencing or other audio-visual means, to seek necessary approval for the proposed issue of equity shares on preferential basis.

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Published on November 26, 2020
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