Trent plans to raise up to Rs 300 cr, stock split in 1:10

Tata group's retail firm Trent Ltd plans to raise up to Rs 300 crore via issue of non-convertible debentures on private placement basis and is also gearing up for a stock split by dividing each of its existing shares into ten new ones.
The Board of Directors of the company at its meeting held today approved an enabling resolution for raising of funds by issue of non-convertible debentures (NCDs) on a private placement basis up to an amount not exceeding Rs 30 crore, Trent Ltd said in a BSE filing.
The issue of NCDs is subject to the approval of shareholders, it added.

The company further said the board also approved sub-division of equity shares of the company having a face value of Rs 10 each into equity shares having a face value of Re 1 each subject to shareholders and statutory approvals.
The move will help improve the liquidity of the company's share and is being done "with a view to encourage participation of small investors on the stock market. This would make the equity shares of the company more affordable", it added.
The authorised capital of the company before the split is 4.725 crore shares of Rs 10 each, which will become 47.25 crore of Re 1 each, it said.

Shares of Trent ended the day at Rs 1,768.10 apiece, up 5.38 per cent from the previous close on the BSE.
Trent operates retail chain Westside, Star Bazaar, a hypermarket chain, and Landmark a family entertainment format store.