TCI Industries Ltd. announced a private placement of up to 157,210 0% non-convertible redeemable preference shares at INR 400 per share for gross proceeds of INR 62,884,000 on February 5, 2020. The shares will be issued on preferential basis to promoters and promoter group company. The shares will be redeemable at a premium of 18% per annum within 20 years.

The boards of directors have approved the transaction. The transaction is subject to the approval of the shareholders at the annual general meeting.