Raymond Ltd to raise Rs 200 crore via NCDs
Textiles and apparel major Raymond Ltd are planning to raise around Rs 200 crore ($27.4 million) through non-convertible debentures (NCDs). These are tools used by companies to raise long-term funds through a public issue.
The business had been hit hard by the coronavirus pandemic, especially during the pan-India lockdown when its textiles factories were shut. This was the major contributor to Raymond’s net loss in the previous quarter.
Raymond reported a consolidated net loss of Rs 137 crore ($18.5 million) in the second quarter of its financial year, which ended in September 2020.
"A meeting of the committee of the board of directors of the company was held today i.e. on January 21, 2021. The committee of directors at the said meeting... approved the issue of non-convertible debentures for an amount up to Rs 200 crore on a private placement basis," Raymond said in a regulatory filing.
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.
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