Future Retail shares surge over 5% on fund raising

Stocks of Future Retail today rose by more than 5 per cent after the company raised Rs 600 crore through an issue of non-convertible debentures (NCDs) on private placement basis.
The stock gained 5.21 per cent to Rs 105 on the BSE.
At the NSE, it was up 5.31 per cent to Rs 105.10.
The company yesterday informed the bourses that the committee of directors of the company "considered, approved and allotted 6,000, 10.25 per cent secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 600 crore on private placement basis".
Last month, Kishore Biyani-promoted Future Retail said it planned to raise up to Rs 1,500 crore through debt instruments to replace high cost loans and to invest on brand building and marketing.

The company had sought approval from its shareholders for raising up to Rs 1,500 crore through issue of non-convertible debentures on private placement basis.