Ceat to raise Rs 500 cr through securities

The Mumbai-based company is setting up a new facility in Bangladesh

Tyre manufacturer Ceat today said that its board approved raising up to Rs 500 crore through issue of securities.

The company said it could issue either equity shares, foreign currency convertible bonds, American Depository Receipts, global depository receipts, fully or partly convertible debentures, non-convertible debentures, preference shares convertible into equity shares or any other equity linked securities, by way of one or more public or private offerings (including through a Qualified Institutions Placement) under applicable provisions of the Companies Act, 2013,

The Mumbai-based company, which makes tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks, is setting up a new facility in Bangladesh.