Tiger Logistics board approves plan to raise up to Rs 400 cr

Amid a lacklustre session, the IT index emerged as a star performer, hitting a record high of 45,377.75, led by Infosys, LTIMindtree, and Wipro.

Shares of Tiger Logistics (India) Ltd rallied in today's trading session after the company announced that its board has approved a plan to raise up to Rs 400 crore through a preferential issue.

In a regulatory filing, the company stated that it is considering multiple financial instruments, including equity shares, to secure the proposed funds.

“To support our business growth plans, the board has granted in-principle approval to raise funds aggregating up to Rs 400 crore. This will be done through the issuance of equity shares, convertible instruments, or other permissible securities in one or more tranches via preferential issue,” the company said in its statement.

Tiger Logistics (India) Ltd is a prominent global logistics firm specialising in the domestic and international import and export of cargo projects.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.