Tourism Finance Corp Rises as Board of Directors Reflects on September 3 Fundraiser

Tourism Finance Corporation of India gained 2.85% to Rs 66.70 after the company announced that its board of directors would meet on September 3, 2021 to consider fundraising.

The company proposes to raise funds by issuing one or more instruments, transferable securities, including capital shares, convertible / non-convertible preferred shares, convertible securities of any kind or debt securities, by preferential issue on the basis of a private placement, rights issue or any other method subject to these regulatory / legal approvals and the approval of the shareholders of the company.

The board, if necessary, would also consider calling an extraordinary general meeting / annual general meeting to obtain shareholder approval, if applicable.

Tourism Finance Corporation of India, a leading tourism finance institution. It is a dominant player in the hotel segment and is engaged in project financing, business loans, demand loans, structured finance, etc.

The company posted a 27.9% increase in stand-alone net profit on a 4.5% increase in total income to Rs 65.92 crore in the first quarter of fiscal 22 compared to the first quarter of fiscal year 21.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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