Tips to raise Rs 11 cr via pref shares, warrants

Tips Industries has decided to raise around Rs 11 crore through issue which will be a combination of preferential shares and warrants.

A host of investors including the promoters and the Taurani family will subscribe to 21.80 lakh preferential shares and 24.70 lakh warrants. Other investors include a Mauritius-based Sea Heaven Investments and Pasha Fianace, a private corporate body.

The promoters will be issued 4.5 lakh fresh shares which will bring down their stake on the expanded equity base from the existing 57.6 per cent to 52.19 per cent.

The promoters will also subscribe to 17.70 lakh warrants which will enhance their stake to 54.98 per cent on maturity that is after one and half year. Sea Heaven's holding will go up to 10 per cent. Pasha Finance will hold 6.47 per cent stake in the company.