Trent Raises Over Rs 1,000 Crore Via Preferential Allotment Of Shares To Tata Sons
Tata Group retail chain Trent Ltd. has raised over Rs 1,000 crore through preferential allotment of shares to its promoter Tata Sons.
As per a regulatory filing on Friday, Tata Sons' stake in Trent has increased to 32.45 percent after preferential allotment of 2.31 crore or 6.52 percent shares. Tata Sons earlier held 27.74 percent stake in its retail arm.
Based on the weighted average price of Trent stock on allotment date of allotment Aug. 6, at Rs 447.68 apiece, the transaction is estimated at Rs 1,037.30 crore.
Trent on Monday said it was seeking shareholders approval to allot up to 24.6 million equity shares to Tata Sons.
In June, Trent had said it planned to raise funds through preferential allotment of shares to promoter Tata Sons to finance expansion and reduce debt.
Trent operates over 140 Westside stores selling its own branded fashion apparel and 20 Zudio stores across 12 cities retailing fashion products. While under ‘Star’ brand, it also operates 26 supermarkets and 10 hypermarkets selling fresh food and grocery retail chain.