Titan Company, in a regulatory filing, disclosed its approval to raise up to ₹2,500 crore through the issuance of rated, listed, redeemable, and unsecured non-convertible debts (NCDs) via a private placement.

This decision was reached during a Board of Directors meeting held on October 17. Furthermore, the Board empowered a Committee to oversee the finalisation of the NCD issuance terms and allocation.

In addition, at the same meeting, the company also sanctioned the procurement of long-term unsecured loans, up to a ceiling of ₹1,000 crore, from banks or financial institutions.

Also read:Titan’s wearables business to enter smart rings and weighing scales segment

Titan Company, which is expected to report its second-quarter results this month, anticipates a promising medium- to long-term earnings growth opportunity. Market reports indicate this potential with five-year sales/EBITDA/PAT CAGRs of 20.3 percent, 24.3 percent, and 23.9 percent.

During the June quarter of FY24, the company experienced a 4.3 percent decline in net profit, amounting to ₹756 crore, compared to ₹790 crore in the same quarter of the previous fiscal year.

 Titan Company has broadened its product and service portfolio to cater to the diverse needs and preferences of its customers, establishing a presence in a wide range of lifestyle-related categories.