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Shares of Trent rose nearly five per cent on Wednesday after the company 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 scrip gained 4.62 per cent to close at Rs 414 on the BSE. During the day, it jumped 5.42 per cent to Rs 417.15.
On the National Stock Exchange (NSE), shares climbed 4.71 per cent to close at Rs 415 apiece.
“The board of directors at its meeting approved 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 on Tuesday.
The company said total amount to be raised from 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 financial year 2019-20 by issue of equity shares or other securities including through qualified institutional placement, rights issue or any other permissible mode or a combination thereof.”
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