Tata Consumer Products closes Rs 3,000-crore rights issue

Tata Consumer Products Ltd on Monday said it has closed its rights issue of Rs 3,000 crore.

The company had opened the issue on August 5, Tata Consumer Products Ltd (TCPL) said in a regulatory filing.

The meeting of the capital raising committee of the board of the company held on July 23, 2024, approved the terms of the issuance of equity shares face value of Re 1 each by way of rights issue for an amount aggregating up to Rs 2,997.77 crore, it added.

"The issue opened on Monday, August 5, 2024 at 9 am and closed today (Monday), August 19, 2024 at 5 pm," the filing said.

In January this year, the company's board had approved a fundraising proposal of Rs 3,500 crore, which was meant to be utilised for the acquisitions of stakes in Capital Foods Pvt Ltd and Organic India Pvt Ltd.

The company had stated that raising of funds by way of issue of equity shares of face value Re 1 each would not exceed Rs 3,000 crore.