MRPL to raise Rs 3,000 crore via NCDs

Mangalore Refinery & Petrochemicals Ltd (MRPL) will raise up to Rs 3,000 crore by way of issuing Non-Convertible Debentures (NCDs).

The Board of the Company at its Annual General Meeting held on Saturday was authorised to raise the amount. The move is expected to improve its cash flow and aid in meeting working capital needs besides retiring part of its high cost debt.

"The shareholders of the company... Have authorised the Board to raise funds of up to Rs 3,000 crore through issue of Non-Convertible Debentures (NCDs)/Bonds," MRPL said in a regulatory filing.

The company's scrip closed at Rs 79.30, down 1.06 per cent on Friday at BSE.