TCIEXPRESS announces listing on NSE, BSE

| Updated: Dec 16, 2016 21:55 IST

New Delhi [India], Dec 16 (ANI): A specialist and leader in express distribution in India TCIEXPRESS has announced listing of its shares on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) at an opening value of Rs. 369.25 and Rs. 367.95 respectively per share. Earlier this year, the company de-merged from its parent company TCI, to form a separate business entity focusing on express delivery services. The company's total paid up capital of the company stands at Rs. 765 Lacs. With the demerger, the new shareholding pattern offered is, each shareholder of TCI Ltd. has been allotted one equity share of Rs. 2 of TCIEXPRESS Ltd. for every two equity shares of Rs. 2 each held in TCI Ltd. The company revenues touched approximately Rs. 364 crore for the first half of the year (H1) registering a moderate growth of 15 percent and for the rest of the year company expects to grow in the range of 18 percent to 20 percent. With strong cash flows TCIEXPRESS is looking at investments to the tune of Rs. 250 crore over the next five years. These investments will be used for strengthening sorting centers and storage, strengthening IT capabilities, upgrade assets and set up a strong foundation to meet the market requirements and stay competitive. The company will be led by Chander Agarwal who serves as the Managing Director to the company, and will be responsible for planning the strategic growth of the company. The key focus sectors for TCIEXPRESS include consumer electronics, retail, apparel and lifestyle, automobile, pharmaceuticals, engineering, e-commerce, energy/power and telecommunication. The company has wide distribution network locally with 550 owned centers at present covering more than 13,000 locations. (ANI)