Gainwell Group joins TIL Limited as new strategic investor; stock rallies ~5%
India Infoline News Service |
28 Nov, 2022 |
TIL Limited decided at its Board Meeting on November 26, 2022, to increase the authorised capital to infuse funds into the company's business by bringing in a strategic investor, subject to shareholder and other requisite approvals.
Indocrest Defence Solutions Private Limited, a subsidiary of the Gainwell Group led by Sunil Kumar Chaturvedi, will contribute capital.
"Gainwell's experience and expertise in selling and servicing infra equipment bode well for TIL, and it naturally has the right strategic synergy with TIL's current product line, as well as the best sectoral and customer fit. We are happy to transfer complete management control of TIL to Indocrest Defence Solutions Pvt Ltd and the Gainwell Group, subject to the necessary approvals," commented Sumit Mazumder, Chairman & Managing Director, TIL.
Mazumder further added that this strategic measure would not only ensure a seamless continuation of TIL's legacy, growth, and expansion benefiting the companyâ€™s employees and all stakeholders, but it will also ensure that TILâ€™s position as a trusted and preferred partner in the domestic and global infrastructure arena.
At around 9.42 AM, TIL Ltd was at Rs114 up by 4.97% from its previous closing of Rs108.60 on the BSE. The scrip opened at Rs114 and touched intraday high and low of Rs114 and Rs114 respectively.
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