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)