Markets

Trent mulls raising Rs 300 crore via securities

PTI New Delhi | Updated on March 12, 2018

Tata Group retail firm Trent plans to raise up to Rs 300 crore through the issue of securities, which could include equity, to fund future expansion plans.

In a filing to the Bombay Stock Exchange, the company said it has sought shareholder’s approval through a postal ballot to raise the funds.

“It is proposed to issue securities for an amount not exceeding Rs 300 crore in one or more tranches... The fund-raising programme may be through a mix of equity/debt/ equity-related instruments,” the company said.

The firm said that it has been pursuing various growth opportunities, in line with its objective of becoming a leading organised retail company in India.

In addition, the funds raised will be used to “selectively commit direct investments in certain retail estate developments and general corporate purposes’’.

Trent said while it has not identified any instruments at this stage, in case of the issue of equity-linked instruments, these would not exceed 20 per cent of the paid-up equity share capital of the company.

Established in 1998, Trent operates the ‘Star Bazaar’, ‘Fashion Yatra’, ‘Sisley’ and ‘Zara’ stores in the country, along with the ‘Landmark’ and ‘Westside’ stores.

It has a total of over 90 stores across India. In the 2009-10 fiscal, the company had reported revenues of Rs 587.48 crore and a net profit of Rs 40.22 crore.

Shares of Trent were trading at Rs 1,066.00 per share on the BSE, down 0.33 per cent from their previous close.

Published on October 14, 2011

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