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Kishore Biyani-led Future Enterprises on Monday announced plans to raise up to Rs 900 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
The company plans to raise funds to replace “few of its high cost current or near term maturity debts as well as to meet further funds requirements”.
“The meeting of board of directors of the company... considered and approved enabling resolution giving authority to issue secured redeemable non-convertible debentures on private placement basis, for a value of up to Rs 900 crore, in one or more tranches,” Future Enterprises said in a BSE filing. Future Enterprises said this fund raising plan is subject to approval by the members of the company.
Shares of Future Enterprises were trading 2.15 per cent lower at Rs 34.15 apiece on BSE.
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