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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
