Trent to raise up to Rs 250cr through shares sale

Tata group's retail arm Trent Ltd today said its board has approved a proposal to raise up to Rs 250 crore through placement of shares with institutional investors.

The company's board has decided to open a QIP (Qualified Institutional Placement) issue of Rs 225 crore with an option of hiking the size up to Rs 250 crore in aggregate, by way of issue of equity shares, Trent said in a filing to the BSE.

"The said issue is being carried out in accordance with the resolution passed by the shareholders of the company through postal ballot on November 14, 2011," it added.

Trent is a retail operations company that owns and manages a number of retail chains in India. Established in 1998, Trent runs lifestyle chain Westside, Star Bazaar, a hypermarket chain, Landmark, a books and music chain, and Fashion Yatra, a family fashion store.

Shares of Trent Ltd today closed at Rs 912 on the BSE, up 0.43% from its previous close.