The board of Grasim Industries at its meeting held on 24 March 2021 approved raising funds by availing term loans or by issuing debt securities in India or overseas within the overall borrowing limit of Rs 10,000 crore.
The company said its board approved raising funds by availing of term loans (in INR or foreign currency); or by issuing debt securities including but not limited to the issuance of foreign currency denominated bonds or debentures (in INR or foreign currency) or any other securities which may be issued in one or more tranches, in India or overseas, within the overall borrowing limit of Rs 10,000 crore, on a private placement basis or otherwise.The board also authorized the finance committee of the board of directors to finalise mode, terms and conditions of raising of funds including availment of term loans (in INR or foreign currency) or issuance of securities and decide on all matters and transaction relating to the same.
Shares of Grasim were down 1.05% at Rs 1395.80 amid a broader selloff.
Grasim Industries is a leading diversified player with leadership presence across many sectors. It is a leading global producer of Viscose Staple Fibre, the largest Chlor-Alkali, Linen and Insulators player in India.
The company posted 103% jump in consolidated net profit to Rs 1,384 crore on 13% rise in revenue from operations to Rs 20,986 crore in Q3 FY21 over Q3 FY20.
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