Tata Consumer Products rights issue: Tata group firm to raise Rs 3,000 crore; check record date and other details
Tata Consumer Products Rights Issue: The record date has been set for July 27, 2024, and the rights issue period will start on August 5 and end on August 19, 2024, according to the stock filing.
![Tata Consumer Products rights issue: Tata group firm to raise Rs 3,000 crore; check record date and other details](https://cdn.zeebiz.com/sites/default/files/2024/07/23/306423-16.jpg?im=FitAndFill=(1200,900))
On Tuesday, July 23, Tata Group's FMCG firm Tata Consumer Products Ltd said that its board has approved to raise around Rs 3,000 crore through the right issues.
In a stock market disclosure today, the FMCG major informed that a total of 3,66,47,492 shares, aggregating up to Rs 2,997.77 crore, will be issued at a discount of 34.97 per cent.
Meanwhile, the shares of Tata Consumer, the owner of Tetley tea and Ching's Secret closed at Rs 1,256.7 each, up 4.5 per cent today on BSE.
Tata Consumer Products Rights Issue: Record date
The record date has been set for July 27, 2024, and the rights issue period will start on August 5 and end on August 19, 2024, according to the stock filing.
Earlier in January, the firm stated that its board had authorised raising capital through a rights issue.
According to the conditions of the rights issue, qualified stockholders would be issued shares in a 1:26 ratio. Shareholders who had Tata Consumer Products shares on the record date will be entitled for one right equity share for every 26 shares they held.
Tata Consumer's Q4FY24 results
Tata Group's FMCG company-Tata Consumer Products Limited reported revenue from operations on a consolidated basis for the March quarter at Rs 3927 crore, up 9 per cent. This was a tad lower than Zee Business Research desk's estimate of 10 per cent growth in revenue on year to Rs 3965 crore in the review period. In Q4FY23, the Tata Group's consumer products company posted a revenue of Rs 3619 crore. Read more
"For rights equity shares being offered under this issue, if the shareholding of any of the eligible equity shareholders is less than 26 equity shares or not in the multiple of 26 (Twenty-six), the fractional entitlement of such eligible equity Shareholders shall be ignored in the computation of the rights entitlement," the company said in the exchange filing.
Shareholders with fewer than 26 shares, will have 'zero' rights to the issue. Such shareholders have the opportunity to apply for additional rights equity shares and will be given precedence in the allocation of one extra rights equity share. However, these stockholders will not be permitted to relinquish their rights in favour of third persons, itfurther informed through the stock market statement.
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