Havells India to raise Rs 500 cr through issuance of commercial paper

Fast moving electrical goods maker Havells India on Tuesday said it will raise Rs 500 crore through issuance of commercial paper.

The company's executive committee in its meeting on Tuesday approved the issuance of commercial papers for an amount of Rs 500 crore, Havells India said in a regulatory filing.

The commercial papers are proposed to be listed on the National Stock Exchange of India, it added.

The company had reported a consolidated net profit of Rs 63.98 crore in the first quarter ended June 30 as against Rs 177.23 crore in the same period last fiscal.

It had posted consolidated revenue from operations of Rs 1,483.40 crore in the first quarter as against Rs 2,716.88 crore in the year-ago period.