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.
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