New Delhi-based Tourism Finance Corporation of India Limited (TFCI), a financial institution, raised Rs 65.18cr through a preferential allotment of 96,55,700 fully paid shares with a par value of Rs 10/- each at an issue price of Rs67.50/- including a premium of Rs57.50/- each.
TFCI will use the funds to strengthen its strong position in the lending ecosystem and to accelerate its strategic priorities. TFCI provides a long-term line of credit to tourism-related projects and the company has a vision to “act as an investment catalyst for India’s tourism sector”.
The round table was led by the Promoteur group. Other investors included entities led by Anurag Bagaria (Chairman and CEO, Kemwell Biopharma Private Limited) and PS Jayakumar (former Managing Director and CEO, Bank of Baroda). Prime Securities Limited was the exclusive investment banker for this transaction.
“We are pleased to welcome on board well-known investors who strongly believe in the Company’s growth and potential. At TFCI, we are humbled by this opportunity, as this investment will not only help us achieve our goals, but also accelerate our strategic priorities, including expanding our footprint and growing the company.
This fundraising of Rs65.18cr will strengthen our strong position in the lending ecosystem. These investments reaffirm market confidence in TFCI, even in this challenging environment, that it is well positioned to deliver long-term profitable growth without compromising portfolio quality,” said Anirban Chakraborty, Managing Director.
At around 12:48 p.m., Tourism Finance Corporation of India Ltd was trading at 75.55 rupees per coin, down 0.05 rupees or 0.07% from its previous close of 75.60 rupees per coin on BSE .
