Transport Corporation of India Ltd approves fund raising plans

The Board of Directors of Transport Corporation of India Ltd at its meeting held on January 03, 2015, have considered the fund raising plans of the company through issuance of equity shares via any possible conducive route including QIP / preferential placement / PE Funds etc. as per applicable SEBI Guidelines.

The Board approved issue of upto 24,00,000 Equity Shares of face value of Rs. 2/- each at a price of Rs. 249/- per Equity Share in cash aggregating to Rs. 59,76,00,000/- to IDFC Premier Equity Fund in accordance with Sections 42 and 62(1)(c) and all other applicable provisions, if any, of the Companies Act, 2013 & rules made thereunder & the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, (the "ICDR Regulations").

Since the above resolution shall be subject to approval of the shareholders, an Extra Ordinary General Meeting of the shareholders of the Company will be held on January 29, 2015 seeking approval of shareholders by way of Special Resolution.

Shares of TRANSPORT CORPORATION OF INDIA LTD. was last trading in BSE at Rs.275.9 as compared to the previous close of Rs. 267.55. The total number of shares traded during the day was 68646 in over 2907 trades.

The stock hit an intraday high of Rs. 281.4 and intraday low of 268.05. The net turnover during the day was Rs. 18903957.

Source : Equity Bulls

Keywords