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TFCI Board Approves Capital Raise Of Rs 65.18 Cr Led By Marquee Investors

The transaction is subject to customary regulatory approvals as well as shareholder approval in ensuing Annual General Meeting (AGM). Prime Securities has been appointed as advisors to TFCI on this fundraise.

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Tourism Finance Corporation of India Limited, has announced that its board has approved capital raise proposal by way of issue and allotment up to 96,55,700 fully paid up equity shares of face value of Rs 10 each at an issue price of Rs.67.50 including a premium of Rs 57.50 each for an allotment size of Rs 65.18 crore by way of preferential allotment to the entities/persons mentioned herein.

The transaction is subject to customary regulatory approvals as well as shareholder approval in ensuing Annual General Meeting (AGM). Prime Securities has been appointed as advisors to TFCI on this fundraise.

Commenting on the Fund Raise, Anirban Chakraborty, Managing Director said: ‘’We are pleased to welcome on board marquee investors who strongly believe in the growth and potential of the Company. We at TFCI are humbled by the opportunity, as this investment will not only help us to meet our goals but also help in accelerating our strategic priorities, including further expanding our footprint and driving the Company’s growth. This fundraise of INR 65.18 crores will boost our strong position in the lending ecosystem.

These investments reaffirm the faith of the market has in TFCI even in this challenging environment, that it is well poised to deliver profitable growth over the long term without compromising on portfolio quality.

We at TFCI are well-capitalized with a CAR of 41.95 per cent as on 30th June 2021 and believe that our healthy financials complemented with a strong recovery path makes us well-positioned for achieving sustained growth momentum in the coming quarters as we continue to focus on business growth in diversified sectors while maintaining our leadership position in the hospitality sector.

We would also like to thank all our existing stakeholders for their continued support and assure them of achieving robust operational and financial performance with the full-fledged revival in demand across the economy.”