Trent soars to record high on fundraising plan; stock rallies 10% in a week

Shares rallied after the board approved raising up to Rs 1,550 crore through a mix of issue of shares to its promoter Tata Sons on a preferential basis, and other options to fund its expansion.

Trent shares jumped 2 per cent to hit a new high of Rs 436 apiece on the BSE on Tuesday, extending Monday's rally of 5 per cent, after the company said it was seeking shareholders' approval to allot up to 24.65 million equity shares to Tata Sons.

The Tata group retail chain's subsidiary has outperformed the market by surging 10 per cent in the past week, after its board approved raising up to Rs 1,550 crore through a mix of issue of shares to its promoter Tata Sons on a preferential basis, and other options to fund its expansion. In