Azim Premji, SBI MF invest Rs 350 cr in Tube Investments preferential issue

The money will be used to fund TII's organic and inorganic growth, including acquisition of CG Power and Industrial Solutions and TII's proposed capex

Tube Investments of India (TII), part of Rs 38,000 crore Murugappa Group, has said it has received Rs 350 crore from various investors including Azim Premji Trust, SBI Focused Equity Fund and SBI Magnum mid-cap fund, which have participated in the company's preferential issue.

The money will be utilised to fund TII's organic and inorganic growth  plans, including acquisition of CG Power and Industrial Solutions and proposed capex.

At the company's EGM on December 21, TII's shareholders approved the proposed issue and allotment of equity shares to the Subscribers, by means of a special resolution passed with requisite majority. 

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