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Transport Corporation of India raising just under $10M from IDFC Mutual Fund

05 January, 2015

Transport Corporation of India Ltd (TCI), one of the country’s leading supply chain and logistics solutions providers, is planning to raise Rs 59.76 crore ($9.43 million) through a preferential allotment of shares to IDFC Mutual Fund, as per a stock market disclosure.

It will issue up to 24 lakh equity shares at a price of Rs 249 each to IDFC Premier Equity Fund, a mutual fund scheme under IDFC, the company said in the filing.

IDFC Premier Equity Fund will pick around 3.17 per cent stake in TCI with the proposed issue.

This is a rare preferential allotment to a regular domestic mutual fund in the country. IDFC Premier Equity Fund is an open ended mid-small cap focused mutual fund scheme with assets of a little over $1 billion.

Founded in 1958, Gurgaon-based TCI provides supply chain and logistics solutions. It services include road-sea-air freight forwarding, custom clearance, express & courier, warehousing, transportation, freight services, sea way services and supply chain consultancy services.

Shares of TCI closed at Rs 275.90 each, up 3.12 per cent on the BSE in a weak Mumbai market on Monday.

(Edited by Joby Puthuparampil Johnson)


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Transport Corporation of India raising just under $10M from IDFC Mutual Fund

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