Crompton gets shareholders nod to raise Rs 700 crore via NCDs

However, company's stock closed at Rs 132.45, down 1.34%, on BSE

Crompton Greaves Consumer Electricals Ltd (CGCEL) on Monday said its shareholders have approved raising up to Rs 700 crore through the issuance of non-convertible debentures (NCDs) on private placement basis.

The shareholders approved the resolution with requisite majority at its annual general meeting held on June 6, to issue NCDs of up to Rs 700 crore in one or more tranches during one year period, CGCEL said in a regulatory filing.

Its shareholders have approved raising up to Rs 700 crore from secured NCDs including debenture stocks, bonds and/or other debt securities, listed or unlisted, on private placement basis, it added.

In April last year, Avantha Group had sold its entire holding of 34.37% in demerged consumer products business of Crompton Greaves to private equity investors Advent International and Temasek for Rs 2,000 crore.

CGCEL was listed on BSE and NSE on May 13.

The company's stock closed at Rs 132.45, down 1.34%, on BSE.