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Trident Ltd approves preferential issue
Posted On : 2013-08-13 20:09:01( TIMEZONE : IST )
The Board of Directors of Trident Ltd at its meeting held on August 09, 2013, have approved the Financial Closure of Textile Expansion & Diversification Projects, Issue of Warrants convertible into Equity Shares on Preferential Basis and raising of funds through issue of securities to QIPs/FIIs.
The Board took note of financial closure of Textile Expansion & Diversification Projects envisaging installation of 1,76,064 additional spindles to manufacture around 38,802 TPA of additional cotton yarn of higher count & value added varieties and to venture in manufacturing of bed sheets & pillow covers by installation of 500 looms to manufacture 3.6 million meters of sheeting/month and other balancing equipment at a total capital outlay of Rs. 1667 crore.
The Company has tied up with banks for the Debt portion of funding amounting to Rs. 1250 crore. The fund shall be availed by the Company by way of term loans from banks. The equity portion shall be funded through preferential issue of warrants to promoters/ non promoters and/or internal accruals.
The Board, subject to approval of shareholders and other necessary regulatory approvals, has approved issue of upto 6 crore warrants to Promoters/Promoter Group and Non Promoter entity(ies) in one or more tranches on preferential basis in such manner that the total amount of issue does not exceed Rs. 60 crore. These Warrants shall be convertible into equivalent number of equity shares and be issued in accordance with pricing formula and terms & conditions specified in SEBI (Issue of Capital fit Disclosure Requirements) Regulations, 2009.
The Board, subject to approval of shareholders and other necessary regulatory approvals, has approved raising of funds through issue of securities to QIPs/Flls in one or more tranches on preferential basis in such manner that the total amount of issue does not exceed Rs 120 crore. These securities shall be issued in accordance with terms & conditions specified in SEBI (Issue of Capital a Disclosure Requirements) Regulations, 2009.
Shares of Trident was last trading in BSE at Rs.9.34, up by Rs.1.20 or 14.74%. The stock hit an intraday high of Rs.9.76 and low of Rs.8.86.
The total traded quantity was 3.17 lakhs compared to 2 week average of 0.72 lakhs.
