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Board of Trent approves preferential issue of shares to Tata Sons & considers fund raising up to Rs 600 cr

Capital Market 

At meeting held on 18 June 2019

The Board of Trent at its meeting held on 18 June 2019 has approved issue of equity shares aggregating Rs 950 crore on a preferential basis to Tata Sons, Promoter of the Company, subject to such regulatory/ statutory approvals as may be required, including approval of the shareholders of the Company.

Separately, the Board of Directors also appointed a Committee of the Board to explore options to raise additional funds not exceeding 600 Crores in FY 2019-20 by issue of equity shares or other securities including through qualified institutional placement, rights issue or any other permissible mode or a combination thereof. Options shortlisted by the Committee, if any, shall be presented to the Board of Directors for consideration.

The Company is witnessing positive traction for its lifestyle retail concepts and consequently pursuing a substantially accelerated growth programme across the Westside, Zudio and Star formats. The foregoing fund raising proposal was considered by the Board of Directors in the context of the Company's funding requirements given the growth plans.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 18 2019. 14:54 IST
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