Trent, which owns famous brand like Westside, in intra-day trade today jumped by over 2% to hit a new high of Rs. 448.60 per share on the BSE. The surge came after the company said it is seeking shareholders' nod for allotting as many as 24.65 million equity shares to Tata Sons.
Also, the company has approved raising up to Rs. 1,550 crore by issuing a mix of shares to its promoter on a preferential basis as well as other options. "Total amount to be raised from issuance of shares to the promoter is about Rs 950 crore, which the company plans to utilise to finance its expansion and reduce debt," Trent said.
Through the issuance, the stake of Tata Sons in Trent will increase to 33% from 28%. The company has been on a aggressive footing and planning growth initiatives across the Westside, Zudio and Star formats.