Trent seeks shareholders nod to raise up to Rs 300 cr via NCDs

Tata Group firm Trent has sought shareholders approval for raising up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on private placement basis and sub division of equity shares.
In a notice for AGM, Trent said: "Consent of the company be and is hereby accorded to the Board of Directors of the company... For making one or more offer(s) or invitation(s) on a private placement basis to subscribe to Non-Convertible Debentures (NCDs) in one or more series/tranches, during a period of one year from the date of passing this resolution up to an amount not exceeding Rs 300 crore."

It further said: "In order to improve liquidity of the company's share and with a view to encourage the participation of small investors on the stock market, the Board of Directors at its meeting held on 28th June 2016, considered and approved sub division of 4,72,50,000 equity shares of the company having face value of Rs 10 each into 47,25,00,000 equity shares of Rs 1 each subject to the approval of the members of the company and any other statutory and regulatory approvals, as applicable".
Shares of Trent closed at Rs 1,785.30 apiece, up 0.75 per cent, on the BSE.