New Delhi: Crompton Greaves Consumer Electricals Ltd on Monday said it plans to raise long-term funds of up to Rs 925 crore by issuing non-convertible debentures on a private placement basis.
The company's board of directors at its meeting on Monday also approved the buyback of classified and listed commercial papers adding up to Rs 600 crore, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.
It added that these were part of a proposal to amend the company's debt profile that the board had considered and approved.
The company said it plans to raise long-term funds by issuing non-convertible classified, secured and private placement debentures of up to Rs 925 crore, subject to borrowing limits approved by shareholders.
In addition, CGCEL said its board of directors also approved requests by MacRitchie Investments Pte Ltd and Seletar Investments Pte Ltd, entities belonging to the Promoters Group, to re-classification from the " promoter and promoter group" category to the "Public" category as per Sebi listing regulations.
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