The Board of Directors of Tata Consumer Products had Approved the rights issue in January this year. Tata Consumer had to issue 3.66 million rights issue shares under the rights programme, with the price of each rights share set at ₹818.
A rights issue is a transaction in which a company raises funds by selling additional shares to the company’s existing shareholders. If a person does not own shares in the company on the record date, he or she will not be able to participate in the rights issue.
Market surrenders can be made between August 5 and August 12. Market surrender is when rights are surrendered on the exchanges in a better location. It is usually done 3 or 4 business days before the issue closes, which in this case is August 19.
Earlier this year Tata Consumer Products has announced the acquisition of a 100% stake in Capital Foods, the owner of the Ching’s Secret and Smith & Jones brands for ₹5,100 crore. In addition, it also announced the acquisition of Organic India for ₹1,900 crore, marking its foray into the health and wellness category.
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