Trent surges 5% on board nod for preferential issue of shares to Tata Sons

The total amount to be raised from issuance of shares to the promoter is about Rs 950 crore, the company said

Trent shares moved higher by 5 per cent to Rs 415 in intra-day trade on the BSE in an otherwise weak market on Wednesday, after the company announced plans to raise up to Rs 1,550 crore through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options to fund its expansion.

As of March 31, 2019, Tata Sons held 27.74 per cent stake in Trent.

The stock was trading close to its all-time high level of Rs 425 touched on June 4, 2019 in intra-day trade. Till 03:07 pm, a