The Board of the company will consider the proposal in its meeting on May 12.
The Board will "consider the matter regarding fund raising options available to the Company by way of issue of non-convertible debentures up to Rs 500 crore on a private placement basis subject to approval of shareholders", Arvind said in a regulatory filing.
The company's scrip closed at Rs 287, up 3.72 per cent from its previous close on the Bombay Stock Exchange.
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