Titan rises on fund-raising plans

DALAL STREET SPIKES

Shares of watch-maker Titan Industries soared 3.02 per cent to close at Rs 984.85 a share after the company announced its plans to raise Rs 50 crore by issuing non convertible debentures to the Life Insurance Corporation of India (LIC).

Titan said its board would meet on December 23 to consider raising Rs 50 crore by issuing 10 lakh debentures of face value of Rs 500 at 12.75 per cent per annum for 5 years to LIC. A total of 75,236 shares changed hands at the BSE. Shares touched a high of Rs 996.5 a share and a low of Rs 948 a share intraday.