Azim Premji Trust, SBI Mutual Fund to invest in preferential issue of Tube Investments of India Ltd

The Board of Directors ("the Board") of Tube Investments of India Limited ("TII") at the meeting held today i.e., 26th November, 2020, have approved the issue of equity shares of TII, having face value of Re.1/- (Rupee One only) each ("Equity Shares"), on a preferential allotment/private placement basis to entities not belonging to the promoter or promoter group of the Company, aggregating up to approximately Rs.350 Crore (Rupees Three Hundred Fifty Crore only), subject to the approval of the shareholders of TII. The Equity Shares are proposed to be issued to the below investors / subscribers at the price arrived at in accordance with SEBI regulations.

Azim Premji Trust will be subscribing for 27,33,360 (Twenty Seven Lakh Thirty Three Thousand Three Hundred Sixty) Equity Shares each fully paid @ Rs.731.70 (Rupees Seven Hundred Thirty One and Paise Seventy only) per Equity Share, which is inclusive of a premium of Rs.730.70 (Rupees Seven Hundred Thirty Paise Seventy only) per Equity Share aggregating to Rs. 199,99,99,512/-.

SBI Mutual Fund will be subscribing for the shares aggregating to Rs. 149,99,99,634/- through the following schemes - SBI Focused Equity Fund, and SBI Magnum Midcap Fund.

SBI Focused Equity Fund will subscribe for 15,03,348 (Fifteen Lakh Three Thousand Three Hundred Forty Eight) Equity Shares each fully paid @ Rs.731.70 (Rupees Seven Hundred Thirty One Paise Seventy only) per Equity Share, which is inclusive of a premium of Rs.730.70 (Rupees Seven Hundred Thirty Paise Seventy only) per Equity Share, aggregating to Rs. 1,09,99,99,731.60 (Rupees One Hundred Nine Crore Ninety Nine Lakh Ninety Nine Thousand Seven Hundred Thirty One Paise Sixty only).

SBI Magnum Midcap Fund will be subscribing for 5,46,672 (Five Lakh Forty Six Thousand Six Hundred Seventy Two) Equity Shares each fully paid @ Rs.731.70 (Rupees Seven Hundred Thirty One and Paise Seventy only) per Equity Share, which is inclusive of a premium of Rs.730.70 (Rupees Seven Hundred Thirty and Paise Seventy only) per Equity Share, aggregating to Rs. 39,99,99,902.40 (Rupees Thirty Nine Crore Ninety Nine Lakh Ninety Nine Thousand Nine Hundred Two and Paise Forty only).

Shares of Tube Investments of India Ltd was last trading in BSE at Rs.843 as compared to the previous close of Rs. 842.2. The total number of shares traded during the day was 525519 in over 2419 trades.

The stock hit an intraday high of Rs. 868 and intraday low of 825.5. The net turnover during the day was Rs. 445850961.

Source : Equity Bulls

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