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Crompton Greaves Consumer Electricals Ltd is planning to raise long term funds of up to ₹925 crore through issuance of non-convertible debentures on private placement basis.
The Board of Directors of the company at its meeting held on Monday, approved raising long term funds by way of issuance of secured, rated, listed, redeemable non-convertible debentures on private placement basis up to ₹925 crore, subject to the borrowing limits as approved by the shareholders.
Buyback plan
The Board has also approved the buyback of rated, listed commercial paper aggregating to an amount of up to ₹600 crore.
The fundraise and the buyback are part of a proposal to modify the company’s debt profile.
The Board has also approved the request for re-classification from the ‘Promoter and Promoter Group’ category to ‘Public’ by MacRitchie Investments Pte Ltd and Seletar Investments Pte Ltd.
The company’s stock closed 4 per cent lower on the BSE amid a weak market.
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