TII to raise money from Azim Premji, SBI MF to acquire CG Power, fund capex

TII will raise Rs 350 crore from Azim Premji Trust and SBI Mutual fund through preferential issue

The Rs 38,000 crore Murugappa Group's Tube Investments of India (TII) has said the proposed fund raising of Rs 350 crore from Azim Premji Trust and SBI Mutual Fund through the preferential issue is to fund its organic and inorganic growth plans. The plans include funding the acquisition of CG Power and Industrial Solutions and the company's proposed capex.

The shares will be allotted on a preferential/ private placement basis to non-promoter entities. Azim Premji Trust will be alloted 2,733,360 equity shares, each fully paid at Rs 731.70 and inclusive of a premium of Rs 730.70 per equity share. The total