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Advanta India has informed the Bombay Stock Exchange, that its board of directors has approved “to initiate steps for raising funds not exceeding Rs 750 crore through various instruments’’.
The company would explore with the merchant bankers and advisors the most expeditious way of raising funds and seek the approval of shareholders through enabling resolution, the filing added.
Advanta India is an associate firm of United Phosphorus, a leading agrochemical company. It is the holding company for the global business of Advanta.
The company had posted a net profit of Rs 28 crore over a turnover of Rs 650 crore for the financial year ended December 31, 2009.
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