Grasim Industries to raise Rs 1,000 crore

Aditya Birla Group-owned Grasim Industries Ltd is planning to raise up to Rs 1,000 crore ($131 million) through the issuance of Non-Convertible Debentures (NCDs). The company will raise the funds in one or more tranches.

“The finance committee of the board of directors of the company at its meeting held inter alia considered and approved the issue of Non-Convertible Debentures (NCDs) on private placement basis, for an amount not exceeding Rs 1,000 crore, in one or more tranches,” the company said in a statement.

Grasim Industries is the largest producer and seller of viscose staple fibre with a market share of almost 100 percent in India.

In March, The Competition Commission of India (CCI) had imposed a fine of Rs 302 crore on Grasim Industries and its subsidiaries for indulging in unfair and discriminatory pricing practices using its dominant position in the viscose staple fibre (VSF) market.

For the financial year 2018-19, Grasim Industries net profit was Rs 2,776 crore while its revenue from operations stood at Rs 72,971 crore.

Grasim Industries to raise Rs 1,000 crore

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