The board of TIL has approved raising ₹199.51 crore through a rights issue at the conclusion of its board meeting on Monday, March 16. According to reports from CNBC TV18, the company will be issuing 1.2 crore partly paid-up equity shares of face value ₹10 each as part of this rights issue exercise. The committee meeting was held from 9:00 p.m. to 9:30 p.m., with the company securing in-principle approvals from both major stock exchanges - NSE through reference NSE/LIST/53745 dated March 16, 2026, and BSE via reference LOD/RIGHT/SS/FIP/1885/2025-2026 dated March 16, 2026. The committee has decided to reconvene to finalize remaining details and approve the Letter of Offer for the proposed rights issue.
The issue price for the rights issue has been fixed at ₹165 per fully paid-up equity share held by shareholders as on the record date. As reported by CNBC TV18, this represents a 17% discount to Monday's closing price for TIL. Existing shareholders will be eligible to receive 11 rights equity shares for every 64 shares they own as on the record date, which has been fixed as March 23, 2026. The rights entitlement will be credited to eligible shareholders' demat accounts under a new ISIN before the issue opening date.
According to the company's release reported by CNBC TV18, 75% of the issue price per equity share will have to be paid on application. The company has not yet disclosed the dates for when the rights issue will open and close for shareholders.
Shares of TIL ended 1.9% lower on Monday at ₹199, as reported by CNBC TV18. The stock has experienced a 14% decline in the last one month, but more significantly, it has more than halved from its recent 52-week high of ₹409. Historical stock returns show the stock has declined 3.22% in one day, -2.08% in 5 days, -23.16% in one month, -41.79% in 6 months, but gained +12.80% in one year and +19.86% over 5 years.
