Tube Investments to allot shares worth Rs 350 cr to Premji Trust, SBI MF

The Rs 38,000 crore Murugappa Group's Tube Investments will allot shares to Azim Premji Trust, SBI Mutual Fund, subject to shareholder approval. The company has approveed the issue of equity shares worth Rs 350 crore.

The shares will be alloted 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 investment would be around Rs 200 crore.

The SBI-focused equity fund will be alloted 1,503,348 equity shares, each fully paid at Rs 731.70 and inclusive of a premium of Rs 730.70 per equity share, aggregating to Rs 109.99 crore and For SBI Magnum mid-cap fund, 546,672 equity shares, each fully paid at Rs 731.70 and inclusive of a premium of Rs 730.70 per equity share, aggregating to Rs 39.99 crore.