At meeting held on 11 September 2020The Board of Forbes & Company at its meeting held on 11 September 2020 has approved borrowing up to Rs 150 crore in one or more tranches by issue of perpetual non-convertible debentures through private placement to Shapoorji Pallonji and Company and/or other subsidiaries/associates/group companies of Shapoorji Pallonji and Company Private at a coupon rate of not more than 10% p.a. (non-cumulative) on the terms to be decided by the Board of Directors.
The borrowing as aforesaid would be utilized for specific purpose of investment in Eureka Forbes through Perpetual Non-Convertible Debentures.
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