Balkrishna Inds board OKs fund raising up to Rs 1,000 cr

Balkrishna Industries on Saturday announced that its board approved raising up to Rs 1,000 crore through long-term borrowings.

In a regulatory filing, the company said its board at a meeting held on Saturday decided to raise funds up to Rs 1,000 crore which can be in the form of foreign currency bonds, Non-Convertible Debentures (NCD), external commercial borrowings and term loans in various currencies. The long term borrowings may be secured or unsecured, rated or unrated, in one or more tranches.

The board has further delegated the finance committee of the company to do deeds.

Shares of Balkrishna Industries rose 0.25% to Rs 2,654.60 in Friday's trade.

Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening. Balkrishna Industries' consolidated net profit surged 151.3% to Rs 330.56 crore on a 91.3% jump in net sales to Rs 1,802.87 crore in Q1 FY22 over Q1 FY21.

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