Finolex Industries today said it is planning to raise Rs 50 crore through issue of debentures on private placement basis for funding its proposed power plant.

The board has approved the issue of secured redeemable non-convertible debentures of Rs 10 lakh a piece aggregating to Rs 50 crore on private placement basis, Finolex Industries said in a filing to the Bombay Stock Exchange (BSE).

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Axis Bank is the sole arranger of the issue. The company has interests in various areas such as power, communications, petrochemicals and agriculture.

Shares of Finolex Industries were trading at Rs 52.95, down 1.03 per cent in the late afternoon trade on the BSE.

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