Tinna Trade (Tinna), the holding Company of Fratelli Wines, announced that its Board of Directors, at its meeting held on 3 July 2024, approved preferential issue of equity shares and fully convertible warrants, both aggregating to, approx. Rs. 49 crore, to holders belonging to the promoter and non-promoter categories, comprising of:
• Preferential issue of upto 10,72,460 equity shares at an issue price of Rs. 300 per equity share for cash towards and aggregate amount of up to Rs. 32.17 crore
• Preferential issue of upto 564,350 fully convertible warrants at an issue price of Rs. 300 per warrant to be convertible at an option of warrant holder(s) in one or more tranches within 18 months of its allotment date into equivalent number of fully paid-up equity shares for an aggregate amount of upto Rs. 16.93 crore.
The proceeds from this issuance shall be utilised to address the medium-to-long term growth objectives of the Company, and shall include investments in development of vineyard tourism, owned winery at Karnataka in substitution of existing leased winery at Bijapur, brand investments including new product development and towards other corporate purposes.