Raymond plans to raise Rs 100 crore

Textiles major Raymond Ltd is planning to raise around Rs 100 crore ($13.2 million) through non-convertible debentures (NCDs) on a private placement basis.

The non-convertible debentures are to be proposed to be listed on the National Stock Exchange.

“The company's board will meet on May 21 to consider and approve the issue of non-convertible debentures aggregating up to an amount not exceeding Rs 100 crore on a private placement basis," Raymond said in a regulatory filing.

The company has been facing financial crunch with majority of stores shut, resulting in poor sales due to the ongoing lockdown in the country.

However, Raymond Ltd expects sales to pick up across all formats, once the lockdown imposed in the country due to coronavirus outbreak is lifted.

The company had reported a net profit of Rs 175 crore ($23.1 million) with revenue of Rs 6,707 crore for the fiscal year 2018-19.

Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.

Raymond plans to raise Rs 100 crore

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