 "Tube Investments net profit in third quarter rises 37% to Rs 107 cr")
Tube Investments of India Limited (TII), part of Rs 38,105-crore Murugappa Group, elected M A M Arunachalam (also known as Arun Murugappan) as the Chairman of the Board of Directors with immediate effect. Currently he is its non-executive, non-independent director.
Meanwhile, the company has reported a profit of Rs 107.07 crore during the quarter ended December 31, 2020 as compared to Rs 78.27 crore, during the same period a year ago, an increase of 37 per cent.
TII’s revenue for the quarter was at Rs 1,309 crore as against Rs 976 crore in the corresponding quarter of the previous year.
“TII has delivered strong results driven by the overall revival in the economy and easing of the lockdown restrictions for COVID-19. The Company is witnessing improved performance in most of its segments and expects that this momentum is likely to continue, as the economy, which has started showing signs of revival, improves further," said the company in a statement.
The Company has entered into a Securities Subscription Agreement dated August 7, 2020 and the amendment thereto dated September 2, 2020 (SSA) with CG Power and Industrial Solutions Limited (CG Power), resulting in the acquisition of CG Power and its subsidiaries (together, the CG Power Group), pursuant to which, the company was allotted 71.13 crore equity shares of Rs 2 each against a consideration of Rs 650 crore (resulting in CG Power becoming a subsidiary of the Company effective November 26, 2020, the acquisition date) and 17.52 crore warrants convertible into an equal number of equity shares within 18 months of subscription (at the option of the Company), at a value of Rs 8.56 per share, against which the company has paid 25% of the value, i.e. Rs 37.5 crore, till date, under the terms of the SSA On December 23, 2020, the company had allotted 47.83 lakh shares to eligible investors at Rs 731.70 (including premium) for an aggregate consideration of Rs 350 crore.
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