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Force Motors gains after board OKs fund raising

Capital Market 

Force Motors rose 2.98% to Rs 1417.70 after the company said that its board on Monday (11 January 2021) approved raising upto Rs 500 crore through issue of non-convertible debentures.

The board of directors in its meeting held on 11 January 2021 approved issuing non-convertible debentures (NCDs) upto Rs 500 crore, through private placement in one or more tranches, from time to time, subject to the necessary approvals of the shareholders of the company.

Force Motors is engaged in manufacturing light commercial vehicles and utility vehicles, and engines. The company's consolidated net profit soared 233.70% to Rs 14.05 crore on 8% decrease in net sales to Rs 694.58 crore in Q2 September 2020 over Q2 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, January 12 2021. 09:36 IST