Tata Investment Rights Issue Updates
Tata Investment Corporation surged 4.93% to Rs 575.20 on BSE after the company said its board will raise Rs 448 crore through rights issue of zero-coupon convertible bonds in the ratio of 1:5. The company made this announcement during trading hours of 16 May 2008.
One zero coupon convertible bond, with warrant, of face value Rs 650 each will be issued for every five equity shares held, the company said. Tata Investment Corporation’s net profit declined 7% to Rs 44.71 crore on 7.1% fall in net sales to Rs 52.32 crore in Q3 December 2007 over Q3 December 2006.
The company’s principal business is investment in shares, debentures, securities, etc, in India and abroad; underwriting new businesses, and taking over the management and control of companies.
One zero coupon convertible bond, with warrant, of face value Rs 650 each will be issued for every five equity shares held, the company said. Tata Investment Corporation’s net profit declined 7% to Rs 44.71 crore on 7.1% fall in net sales to Rs 52.32 crore in Q3 December 2007 over Q3 December 2006.
The company’s principal business is investment in shares, debentures, securities, etc, in India and abroad; underwriting new businesses, and taking over the management and control of companies.
Labels: rights issue
posted by Stock Market at
9:20 AM
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