Tinna Trade' Board approves issuance of equity shares and fully convertible warrants on preferential basis aggregating to approx. Rs. 49 crore

Tinna Trade Limited (Tinna), the holding Company of Fratelli Wines, India's finest luxury winemaker, has announced that its Board of Directors, at its meeting held on 3rd July, 2024, approved preferential issue of equity shares and fully convertible warrants, both aggregating to, approx. Rs. 49 crore, to holders belonging to the promoter and non-promoter categories, comprising of:

- Preferential issue of upto 10,72,460 equity shares at an issue price* of Rs. 300 per equity share for cash towards and aggregate amount of up to Rs. 32.17 crore

- Preferential issue of upto 564,350 fully convertible warrants at an issue price* of Rs. 300 per warrant to be convertible at an option of warrant holder(s) in one or more tranches within 18 months of its allotment date into equivalent number of fully paid-up equity shares for an aggregate amount of upto Rs. 16.93 crore.

The proceeds from this issuance shall be utilised to address the medium-to-long term growth objectives of the Company, and shall include investments in development of vineyard tourism, owned winery at Karnataka in substitution of existing leased winery at Bijapur, brand investments including new product development and towards other corporate purposes.

As a family-driven enterprise, Fratelli Wines is one of India's finest winemakers for several years. Since its inception in 2007, the business has built a portfolio of premium wines, backed by complete visibility and control of the wine-production operation end-to-end. Combining a disciplined business approach and passion to grow the wine business in India, the Company is poised for greater heights.

The equity infusion will further strengthen Company's balance sheet position while making it future ready to tap the growth opportunities. The proposed issuance shall also enable growth and margin expansion via development of the hospitality business while continuing to strengthen the core business of running the finest vineyards in the country.

Shares of Tinna Trade Ltd was last trading in BSE at Rs. 398.65 as compared to the previous close of Rs. 390.85. The total number of shares traded during the day was 5396 in over 14 trades.

The stock hit an intraday high of Rs. 398.65 and intraday low of 398.65. The net turnover during the day was Rs. 2151115.00.

Source : Equity Bulls

Keywords

TinnaTrade INE401Z01019 FratelliWines FundRaising PreferentialIssue EquityShares ConvertibleWarrants