Watch Company Titan collects Rs126cr through issues
23 May '06
1 min read
Watches and jewellery maker Titan Industries has issued 21,13,038 equity shares and an equal number of non-convertible debentures and raised Rs126.83 crore.
Titan Industries Ltd said it has raised Rs 126.83 crore through rights issue of 21,13,038 equity shares and an equal number of non-convertible debentures, which closed with an over-subscription of 20 percent.
On May 12 29,000 applicants were allotted new shares and debentures with price of Rs10 per share at premium of Rs340 per share and non-convertible debentures of Rs250 each.
The amount raised will be invested in retail expansion and manufacturing plans.
In financial year 2005-06, company's turnover increased 30 percent and its watches and jewelry segments showed outstanding performance.
These two segments' turnover accounted Rs1,481 crore as compared to Rs1,135 crore in 2004-05.
Titan is the world's sixth largest manufacturer brand of watches and India's leading producer of watches under the Titan and Sonata brand names.
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