Tata Consumer Products Ltd announced on Monday that it has successfully closed its rights issue, raising Rs 3,000 crore. The rights issue had been open for subscription from August 5, 2024, and officially closed on August 19, 2024, according to a regulatory filing by the company.
The company’s board, through its capital raising committee, had initially approved the terms for this issuance during a meeting held on July 23, 2024. The rights issue involved the distribution of equity shares with a face value of Re 1 each, with the goal of raising up to Rs 2,997.77 crore.
The rights issue was part of a broader fundraising effort that had been approved earlier in January 2024, where the company’s board had greenlit a plan to raise Rs 3,500 crore. The funds from this initiative were intended to finance the acquisition of stakes in two companies: Capital Foods Pvt Ltd and Organic India Pvt Ltd. Despite the initial approval for raising Rs 3,500 crore, Tata Consumer Products Ltd decided to limit the rights issue to Rs 3,000 crore.
The company’s regulatory filing noted that the rights issue officially opened on August 5, 2024, at 9 a.m. and closed on August 19, 2024, at 5 p.m., marking the successful completion of this significant capital-raising effort.
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