Raymond Ltd to raise Rs 100 crore through non-convertible debentures
Leading fabric and apparel manufacturer Raymond Ltd plans to raise Rs 100 crore ($13.1 million) from the market by issuing non-convertible debentures (NCDs). The company's board is meeting on December 17 to consider and approve the NCDs,
The company will utilise the funds to strengthen its presence to overcome the disruptions caused by the Covid-19 pandemic.
“A meeting of the committee of directors of the board of directors of the company will be held on Friday, December 17, 2021, to consider and approve the issuance of non-convertible debentures aggregating up to an amount not exceeding Rs 100 crore on a private placement basis,” Raymond Ltd said in a filing with the stock exchange.
Raymond Ltd had reported a consolidated net profit of Rs 56 crore ($7.5 million) for the second quarter ended September 2021 on a revenue of Rs 1,583 crore.
Raymond Ltd ended the quarter with a store count of over 1,420 across all formats. The brand also sells online through its website and leading e-commerce platforms.
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