Crompton Greaves Consumer Electricals Ltd on Monday said it plans to raise long-term funds up to Rs 925 crore through the issuance of non-convertible debentures on a private placement basis.
The board of directors of the company at its meeting held on Monday also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing. These are part of a proposal to modify the company’s debt profile which have been considered by the board and approved, it added.
The company said it plans to raise long-term funds by way of issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) on private placement basis up to Rs 925 crore, subject to its borrowing limits as approved by the shareholders.
Further, CGCEL said its board also approved requests from MacRitchie Investments Pte Ltd and Seletar Investments Pte Ltd — entities belonging to the promoter group, for re-classification from the ‘promoter and promoter group’ category to ‘public’ category as per Sebi listing regulations.