Tube Investments to raise funds from Azim Premji Trust, SBI MF; stock up 5%

The company has agreed to raise Rs 350 crore on a private placement basis via preferential allotment to Azim Premji Trust and two schemes of SBI Mutual Fund (MF)

Shares of Tube Investments of India were up 5 per cent at Rs 850 on the National Stock Exchange (NSE) in the early morning trade on Friday after the company agreed to raise Rs 350 crore on a private placement basis via preferential allotment to Azim Premji Trust and two schemes of SBI Mutual Fund (MF).

"The company has executed the share subscription agreement on Thursday, November 26, 2020 with Azim Premji Trust for issue and allotment of 2.73 million equity shares for an aggregate consideration up to approximately Rs 200 crore and with SBI Mutual Fund for issue and allotment