Century Textiles swings into black;to raise Rs 700 cr via NCDs

Century Textiles & Industries today reported a net profit of Rs 41.1 crore for the second quarter ended September and announced plans to raise Rs 700 crore through private placement.

The company had reported a net loss of Rs 31.45 crore in the corresponding quarter of the previous financial year.

However, its total income decreased to Rs 2,052.65 crore during the quarter under review from Rs 2,144.18 crore in the year-ago period.

In a regulatory filing, the company announced that its Board of Directors "has approved issue of non-convertible debentures on private placement basis for Rs 700 crore for general corporate purposes including long term working capital/refinancing".