Diversified group Raymond today said its Board has approved raising of up to Rs 100 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
“The Committee of Directors of the Company at a meeting held on February 9, 2016, approved the issue of Non-Convertible Debentures aggregating up to an amount of Rs 100 crore on private placement basis,” Raymond said in a BSE filing.
The company did not indicate end use of funds it plans to raise.
Last month, Raymond Ltd reported a 28.46 per cent decline in consolidated net profit at Rs 40.11 crore for the third quarter ended December.
The company had posted a consolidated net profit of Rs 56.07 crore during the October-December period of previous financial year.
However, Raymond’s total consolidated income from operations during the quarter under review increased 7.36 per cent to Rs 1,484.40 crore as against Rs 1,382.58 crore during the same period of last fiscal, Raymond said in a BSE filing.
Raymond Ltd’s shares were trading 1.06 per cent down at Rs 391 apiece on the BSE.