The Rights Issue Committee of the board of Titan Industries met today to finalise the share price for its rights issue, to be offered shortly.
The board had deliberated on the price band of Rs 325 - Rs 375 per share at their previous meeting and desired that the benefit of the issue price be passed on to the shareholder. Based on these directives of the board, the Rights Issue Committee fixed the issue price of each share at Rs 350 per share, which translates to an over 50 per cent discount on the current market value of the share.
The company in the last two quarters has shown impressive growth and has expanded its portfolio to cover licensed brands, eyewear and the b2b precision engineering business. Watches and jewellery continue to be the mainstay of the company’s operations.