Tourism Finance Corp rises as board to mull fund raising on 3 Sept

Tourism Finance Corporation of India gained 2.85% to Rs 66.70 after the company announced that its board will meet on 3 September 2021 to consider fund raising.

The company is proposing to raise funds by way of issue of one or more instruments, securities including equity shares, convertible/non-convertible preference share, convertible securities of any description or debt securities, through preferential issue on a private placement basis, rights issue or any other methods subject to such regulatory/ statutory approvals and the approval of the shareholders of the company.

The board, if required, would also consider convening an extra-ordinary general meeting/ annual general meeting to seek approval of the shareholders, as required.

 

Tourism Finance Corporation of India, a premier tourism financing institution. It is a dominant player in the hospitality segment and is engaged in project financing, corporate loans, working capital demand loan, structured financing, etc.

The company posted a 27.9% rise in standalone net profit on a 4.5% increase in total income to Rs 65.92 crore in Q1 FY22 over Q1 FY21.

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