TFL converts Rs 300 crore of advance into equity

TATA Finance Limited (TFL) has converted Rs 300 crore of advances received from Tata Sons Limited and Tata Industries Limited into equity. T...

TATA Finance Limited (TFL) has converted Rs 300 crore of advances received from Tata Sons Limited and Tata Industries Limited into equity.

TFL officials said they had received advances worth Rs 300 crore from the two group companies during the crisis period which were outstanding as on March 31, 2002.

‘‘The company has issued and allotted on a preferential basis 6,03,09,084 equity shares and 5,27,70,449 equity shares at Rs 26.53 per share to Tata Sons Limited and Tata Industries Limited respectively,’’ the officials said. Apart from converting advances into equity, TFL had also sold its stake in its subsidiary Tata Home Finance Ltd to IDBI in September last.

This had helped the company not only recover from losses, but also register an impressive net profit of Rs 3.97 crore during the second quarter ended September, 2003. TFL had reported a net profit of Rs 3.97 crore during the quarter as against a net loss of Rs 25.96 crore in the corresponding quarter of the previous fiscal. Its net profit during the first six months of current financial year stood at Rs 5.18 crore as against a net loss of Rs 35.73 crore in first half of 2002-03.

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