In January, the TATA Consumer stated that its board had authorised raising capital through a rights issue.
Tata Group’s firm Tata Consumer Products Ltd announced that its board has approved to raise around Rs 3,000 crore through the right issues.
With a stock market filing today, the FMCG major informed that a total of 3,66,47,492 shares, valued up to Rs 2,997.77 crore, will be issued at a discount of 34.97 per cent.
Tata Consumer Products Rights Issue: Record date
The record date will be July 27, 2024, and the rights issue period will start on August 5 and end on August 19, 2024, according to the stock filing.
In January, the firm stated that its board had authorised raising capital through a rights issue.
According to the conditions of the rights issue, qualified stockholders would be issued shares in a 1:26 ratio. Shareholders who had Tata Consumer Products shares on the record date will be entitled for one right equity share for every 26 shares they held.
Tata Consumer Products Q4 Results
Tata Consumer Products Limited reported revenue from operations on a consolidated basis for the March quarter at Rs 3927 crore, up 9 per cent. In Q4FY23, the Tata Group’s consumer products company posted a revenue of Rs 3619 crore.
“For rights equity shares being offered under this issue, if the shareholding of any of the eligible equity shareholders is less than 26 equity shares or not in the multiple of 26 (Twenty-six), the fractional entitlement of such eligible equity Shareholders shall be ignored in the computation of the rights entitlement,” the company said in the exchange filing.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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