Tata UniStore, which possesses Tata Cliq, asserted the board proposed again in the authorized share capital to Rs 5,000 crore from Rs 1,500 crore.
The Tata group plans to invest Rs 3,500 crore in Tata Cliq, the alliance’s e-commerce enterprise. Tata UniStore, which acquires Tata Cliq, asserted the board suggested gaining authorized share capital to Rs 5,000 crore from Rs 1,500 crore, The Economic Times reported, referring to a regulatory filing.
The trek in authorized stake capital will be accomplished through the issue of equity shares, the report added. In accordance with the filing, the paid-up share capital of Tata UniStore is Rs 1,203.12 crore, the report acknowledged.
Tata Cliq has also put forward its borrowing limit to Rs 490 crore. Tata UniStore CEO Vikas Purohit had not reacted to The Economic Times’ questions.
The action by the Tata Group arrives amidst the reports of the partnership functioning on a “super-app.” The reports furthermore indicate that Tata Digital, which oversees the group’s eCommerce projects, is in conversations to acquire a majority share in BigBasket.