Raymond board to mull fund raising on 17 Dec

Raymond on Monday announced that the company's board of directors will meet on 17 December 2021 to mull fund raising.

In an exchange filing, Raymond said, a meeting of the Committee of Directors of the Board of Directors of the company will be held on Friday, 17 December 2021, to consider and approve the issuance of Non-Convertible Debentures aggregating up to an amount not exceeding Rs 100 crore on Private Placement basis.

The said Non-Convertible Debentures are proposed to be listed on NSE's WDM segment.

Last week Raymond announced that the company's wholly owned subsidiary, JK Files & Engineering, filed a draft red herring prospectus with Sebi towards an IPO comprising of an offer for sale for Rs 800 crore. The company is engaged in the manufacturing of precision engineered components for tools and hardware (files and drills) and marketing of hand tools, power tool accessories and power tool machines and manufacturing of auto components.

Raymond is India's largest integrated suiting manufacturer that offers end‐to‐end solutions for fabrics and garmenting. It has one of the largest exclusive retail networks in the country with around 1,500 stores in more than 600 towns.

On a consolidated basis, the company reported a net profit of Rs 56.15 crore in Q2 FY22 as compared to a net loss of Rs 136.59 crore posted in Q2 FY21. Net sales jumped 130.1% to Rs 1,551.32 crore in Q2 FY22 over Q2 FY21.

Shares of Raymond ended 0.12% higher at Rs 657.35 in yesterday's trade.

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