TANFAC Industries Ltd has informed BSE that the Company had intimated that the Board of Directors of the Company at its meeting held on July 31, 2013, inter alia, have considered and approved a proposal for the issue of Equity Shares at face value of Rs. 10/- each at par on "Rights Basis" for an amount not exceeding Rs. 14.96 Crores to be offered to eligible equity shareholders of the Company subject to approval by the Members at their General Meeting and also the necessary statutory approvals / sanctions.

As the Company is a Joint Sector with TIDCO, the promoter groups are still working out the process of getting necessary clearance for the proposal.

The Board of Directors of the Company at their meeting held on August 13, 2014, discussed about current status and decided that the proposal will be reviewed at a later date after getting necessary clearance.