The board of Tube Investment of India (TIIL) has approved raising Rs 350 crore from Azim Premji Trust and SBI Mutual Fund.
The company will issue 27,33,360 lakh shares to Azim Premji Trust, 15,03,348 shares to SBI Focused Equity Fund and 5,46,672 SBI Magnum Midcap Fund. The shares were allotted at Rs Rs 731.70 each.
The Murugappa Group company will hold an extraordinary general meeting of its shareholding on 21 December 2020, to seek their approval for the proposed preferential issue of shares.
Tube Investments of India, a Murugappa Group company, manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal formed items.
On a consolidated basis, the company's net profit rose 9.6% to Rs 99.24 crore on a 4.4% decline in net sales to Rs 1139.18 crore in Q2 FY21 over Q2 FY20.
The scrip fell 1.99% to Rs 819 on the BSE. It traded in the range of 815.60 and 863.00 so far during the day.
On a year-to-date (YTD) basis, the stock has zoomed 69.76% while the benchmark S&P BSE Sensex rose 6.83% during the same period.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.