New Delhi: Aditya Birla Fashion and Retail has sought shareholders’ approval to raise up to Rs 1,250 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
The company also plans to raise its borrowing limit to Rs 3,500 crore for its business requirements, Aditya Birla Fashion and Retail Ltd (ABFRL) said in a BSE filing today.
Keeping in view the company’s business requirements, growth plans and increased fund requirements, it is proposed to increase the overall borrowing limits, it said.
ABFRL sought shareholders nod for enabling its “board to offer or invite subscription for NCDs, on private placement basis, in one or more tranches, from time to time on such terms and conditions, including the issue price of the NCDs, upto an amount not exceeding Rs 1,250 crore”.
The company’s annual general meeting is scheduled on September 7, 2016.