Preferential issue size cut from about 173.49 cr to 99.41 cr; promoter trims subscription
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TANFAC Industries has reduced the size of its proposed preferential issue from about 173.49 crores to 99.41 crores. The cut follows promoter Anupam Rasayan India Limited revising down its expression of interest. The company will now issue up to 4,24,647 equity shares at 2,341 per share (face value 5, premium of 2,336) to four allottees: Anupam Rasayan (promoter, 2,60,065 shares), Alrox Enterprises (1,00,000), Vivek Jain (53,395) and Tatvam Trade (11,187). Subject to shareholder and regulatory approvals.
Lower dilution than earlier plan; promoter participation continues but at a smaller level, which may be seen as mild negative on capital raise scale.