Capital First Ltd (formerly known as Future Capital Holdings Ltd) has planned to raise up to Rs 550 crore through the debenture route.

The debenture committee had on February 7 approved issue of secured redeemable non-convertible debentures (NCDs) in one or more tranches for an aggregate amount of up to Rs 450 crore and unsecured redeemable non-convertible subordinated debentures in one or more tranches for an aggregate amount up to Rs 100 crore on a private placement basis.

Capital First shares were trading at Rs 174 on the NSE.

Warburg Pincus, the global private equity investor, now holds a majority stake of 68.93 per cent in the company through its affiliate company Cloverdell Investment Ltd. The takeover occurred after Kishore Biyani of the Future Group decided to exit from non-core businesses.

(This article was published on February 8, 2013)
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