Tata Consumer Products Closes Rights Issue Worth Rs 3,000 Crore

Tata Consumer Products Ltd. on Monday announced the completion of its Rs 3,000 crore rights issue.

The rights issue, which was launched on Aug. 5, 2024, was finalised on Monday, according to an exchange filing by the company.

In July, the capital raising committee of the company's board approved the issuance of equity shares with a face value of Rs 1 each, amounting to a total of up to Rs 2,997.77 crore. The issue period began on Aug. 5 and concluded at 5 p.m. today, the company said.

In January this year, the company's board approved a fundraising proposal of Rs 3,500 crore, which was meant to be used for the acquisition of stakes in Capital Foods Pvt Ltd. and Organic India Pvt Ltd.

The company had stated that raising funds by way of the issue of equity shares with a face value of Rs 1 each would not exceed Rs 3,000 crore.

(With Inputs From PTI)