Tilaknagar Industries share price jumps 18% on board nod for fundraising
The company will raise money through preferential issue of equity shares to strategic investors
November 27, 2019 / 02:59 PM IST
Shares of liquor maker Tilaknagar Industries rallied 18.5 percent intraday on November 27 after the board approved the company's fund raising proposal.
The stock already rallied 35 percent in three sessions. It was quoting at Rs 16.88, up Rs 2.58, or 18.04 percent on the BSE at 14:36 hours IST.
"The board of directors on November 27 granted an in-principle approval to the proposal for raising additional capital by the company amounting up to Rs 110 crore," the Indian Made Foreign Liquor maker said in a BSE filing.
The company will raise money through preferential issue of equity shares to strategic investors.
The terms and conditions with respect to the proposed fund raising viz. exact amount, name of the proposed investors, issue price etc are yet to be finalised, it added.