Spencer's Retail seeks shareholders nod to raise Rs 350 cr

Spencer's Retail has sought shareholders approval to raise Rs 350 crore, by using movable or immovable properties of the firm as collateral, in the annual general meeting scheduled on July 19, 2019.

Keeping in view the company's existing and future fund requirements to support its business operations, the company proposes to borrow funds from financial institutions, banks, NBFCs and other lenders for an amount up to Rs 350 crore, a BSE filing said.

In order to facilitate raising of funds, it would be necessary to create appropriate security on the movable and immovable properties of the company, both present and future, by way of mortgage/charge/assignment/hypothecation/pledge etc. in favour of the lender(s) to secure the financial assistance(s) proposed to be availed of by the company in due course, the statement said.

The company has also sought shareholders approval to invest Rs 250 crore for further expansion and investment through a special resolution.