Tilaknagar Inds gains after preferential allotment to foreign portfolio investor

Tilaknagar Industries rose 1.56% to Rs 100.80 after the company said it raised Rs 99 crore through allotment of 1,05,26,315 equity shares to Think India Opportunities Master Fund LP, a foreign portfolio investor.

The company's board, through circular resolution passed on Friday, 16 December 2022, approved allotment of 1,05,26,315 equity shares of face value Rs 10 each for cash at Rs 95 per equity share, aggregating to Rs 99,99,99,925 to Think India Opportunities Master Fund LP, a non-promoter entity and a QIB (foreign portfolio investor) on a preferential basis and upon receipt of full subscription amount.

Post allotment, number of equity shares stand increased to 18,18,34,143, from 17,13,07,828 earlier.

Tilaknagar Industries is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL). The company has a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin, and rum.

The company's consolidated net profit rose 22.8% to Rs 13.88 crore on 36.5% jump in net sales to Rs 274.50 crore in Q2 FY23 over Q2 FY22.

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