Tourism Finance Corporation secures Rs65.18cr via preferential shares allotment

New Delhi based Tourism Finance Corporation of India Limited (TFCI), a financial institution, has secured Rs65.18cr by way of preferential allotment of 96,55,700 fully paid-up equity shares of the face value of Rs10/- each at an issue price of Rs67.50/- including a premium of Rs57.50/- each.

TFCI will use the funds to boost 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 “play the role of an investment catalyst for the Indian tourism sector”.

The financing round was led by the Promoter group. Other investors included entities led by Anurag Bagaria (Chairman & CEO, Kemwell Biopharma Private Limited) and PS Jayakumar (ex-MD & CEO, Bank of Baroda). Prime Securities Limited was the exclusive Investment Banker to this transaction.

“We are pleased to welcome on board marquee investors who strongly believe in the growth and potential of the Company. We at TFCI are humbled by the opportunity, as this investment will not only help us to meet our goals but also help in accelerating our strategic priorities, including further expanding our footprint and driving the Company’s growth.

This fundraise of Rs65.18cr will boost our strong position in the lending ecosystem. These investments reaffirm the faith of the market has in TFCI even in this challenging environment, that it is well poised to deliver profitable growth over the long term without compromising on portfolio quality,” Anirban Chakraborty, Managing Director, said.

At around 12.48 pm, Tourism Finance Corporation of India Ltd was trading at Rs75.55 per piece down by Rs0.05 or 0.07% from its previous closing of Rs75.60 per piece on the BSE.

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( With inputs from indiainfoline)