Trident Ltd approves raising of Rs. 60 crores

The Board of Directors / Strategy Committee of Trident Ltd at its meeting held on July 27, 2015, has approved raising of funds upto INR 60 crores through issue of unlisted non convertible cumulative redeemable preference shares on private placement basis.

The Strategy Committee of the Company has revisited capex plan of Yarn Modernization project (Rs. 103.9 crore) and Captive Power Project (Rs. 393 crore for 60 MW) at its Budni, Madhya Pradesh facility. This is in-line with management's focus on consolidating its existing Terry Towel operations and upcoming Composite "Bed Linen project. Going forward, based on free cash flow generation, Trident may evaluate a Captive Power Plant at its Budni Facility in smaller phase.

Shares of TRIDENT LTD. was last trading in BSE at Rs.30 as compared to the previous close of Rs. 31.05. The total number of shares traded during the day was 350993 in over 1381 trades.

The stock hit an intraday high of Rs. 31.3 and intraday low of 29.55. The net turnover during the day was Rs. 10620053.

Source : Equity Bulls

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