Tourism Finance stock hits all-time high as Board approves preferential issue of shares worth Rs 200 crore

Tourism Finance Corporation of India shares hit a new all-time high on February 26, after the company's board approved allotment of 88.91 lakh shares to non-promoters at Rs 225 per share.

At 11.45 am, TFCI shares were trading higher at Rs 267.55 on the NSE, higher by 5 percent compared to the previous session's closing price.

"The Board of Directors in its meeting held today, discussed and approved to issue and allot up to 88.9 lakh fully paid up equity shares of face value of Rs 10 each at an issue price of Rs 225 including a premium of Rs 215 each aggregating upto Rs 200.04 crore by way of preferential issue on a private placement basis," said TFCI in a stock exchange filing.

Follow our market blog to catch all the live updates

TFCI said the allotees are Aditya Kumar Halwasiya (Individual), Cupid Limited (Body Corporate) and Columbia Petro ChemPrivate Limited (Body Corporate) who will be allotted 22.23 lakh shares, 22.23 lakh shares and 44.45 lakh shares, respectively.

On February 21, investor Aditya Kumar Halwasiya picked up 13 percent stake in the company. Halwasiya picked up 1.18 crore equity shares in the firm at an average price of Rs 209.75 each.

However, foreign investor Varanium India Opportunity exited the stock by selling its entire stake of 30.97 lakh equity shares. Varanium Capital Advisors also offloaded 10.04 lakh equity shares. In addition, promoters Pransatree Holdings Pte sold 42.56 lakh equity shares and Koppara Sajeeve Thomas sold 34.44 lakh equity shares at an average price of Rs 209.75 per share.

Over the past six months, shares of the company have surged over 170 percent. The stock has more than doubled investors' wealth during the time period. In comparison, the frontline index, Nifty 50 has risen around 14 percent during the same time period.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.