Tanfac Industries to issue shares for around Rs 15 cr

Company still working out process of getting necessary clearance

Tanfac Industries Ltd, a joint venture between Aditya Birla Group of Companies and Tamilnadu Industrial Development Corporation Limited (TIDCO), is considering a proposal to issue Equity Shares at face value of Rs 10 each on par with "Rights Basis" for an amount not exceeding Rs 14.96 crore to the eligible share holders.

The company is still working out the process of getting necessary clearance for the proposal and would be issued subject to approval by the members at their General Meeting and also the necessary statutory approvals and sanctions.