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Gainwell Group will infuse Rs 69 crore as fresh capital into TIL Ltd. in the initial phase of restructuring.
Construction equipment maker TIL Ltd. shares soared nearly 5 percent on Monday after the company announced plans to rope in Gainwell Group as a strategic investor to accelerate its growth plans.
The infrastructure equipment manufacturer stated that Gainwell Group company, Indocrest Defence Solutions Pvt. Ltd., will infuse capital into the company as a strategic investor. The TIL board, in its meeting on November 26, approved the proposal to increase the share capital of the company through fund infusion.
Gainwell Group will infuse Rs 69 crore as fresh capital into TIL Ltd. in the initial phase of restructuring and will take over the management control. The company's existing promoters will exit at a later date.