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Tube Investments gains on plan to raise funds up to Rs 400 crore

04 May 2016 Evaluate

Tube Investments of India is currently trading at Rs. 429.55, up by 1.85 points or 0.43% from its previous closing of Rs. 427.70 on the BSE.

The scrip opened at Rs. 430.00 and has touched a high and low of Rs. 434.40 and Rs. 424.55 respectively. So far 14050 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 467.00 on 28-Dec-2015 and a 52 week low of Rs. 321.50 on 03-Jun-2015.

Last one week high and low of the scrip stood at Rs. 442.00 and Rs. 405.00 respectively. The current market cap of the company is Rs. 8023.12 crore.

The promoters holding in the company stood at 48.80% while Institutions and Non-Institutions held 25.87% and 22.85% respectively.

Tube Investments of India has received an approval for fresh long-term borrowing in order to meet the fund needs during FY 2016-17, for a sum not exceeding in the aggregate Rs 400 crore. The funds will be raised by way of issue of privately placed secured nonconvertible debentures, in one or more tranches. The board of directors at its meeting held on May 03, 2016 has approved for the same.

Tube Investments of India is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.

 

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