Titan rights issue oversubscribed 20 per cent via @tatacompanies

Titan Industries has said that its rights issue was oversubscribed by 20 per cent. The company statement said allotment of new shares and debentures was made on May 12. The company has allotted 21,13,038 equity shares of Rs 10 each at a premium of Rs 340 per share and an equal number of non-convertible debentures of Rs 250 each to over 29,000 applicants. With a total inflow of Rs 126.83 crore from the rights issue, the company expects to expand its retail network as well as its manufacturing base.