The Board of Directors of Trent Ltd at its meeting held today approved issue of equity shares on a preferential basis to Tata Sons Private Limited, Promoter of the Company, subject to such regulatory / statutory approvals as may be required, including approval of the shareholders of the Company.
The shares will issued for an amount aggregating to approximately Rs. 950 Crores.
Separately, independent of the above issuance, 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.
Shares of TRENT LTD. was last trading in BSE at Rs.395.7 as compared to the previous close of Rs. 389.55. The total number of shares traded during the day was 7673 in over 308 trades.
The stock hit an intraday high of Rs. 399 and intraday low of 392. The net turnover during the day was Rs. 3033653.