Godrej Industries plans to raise up to Rs 3,000 Cr; seeks shareholders' nod
The fund is proposed to be raised within one year from the date of passing of the special resolution, interest rate to be determined.
Godrej Industries Ltd plans to raise up to Rs 3,000 crore through the issuance of debt instruments and will seek approval from shareholders through a special resolution, according to a regulatory filing.
The board of directors, at its meeting held on August 7, 2024, had proposed to seek approval from the members to raise or borrow funds by way of issuance of unsecured non-convertible debentures (NCDs), bonds or other instruments, listed or unlisted, on private placement basis for an amount not exceeding Rs 3,000 crore, Godrej Industries said in a postal ballot notice shared on the BSE.
The fund is proposed to be raised within one year from the date of passing of the special resolution at an interest rate that will be determined by the prevailing money market conditions at the time of the borrowing, it added.
The issue of these securities like NCDs, bonds or other instruments work as a cost-effective source of borrowing, it added.
On the purpose of the fund raise, the company said it proposes to utilise the sum for its business purposes, investments, repayment or pre-payment of certain loans and for general corporate purposes.
Godrej Industries is the flagship firm of the Godrej Industries Group (GIG), which has diversified interests ranging from FMCG and real estate to compound feed and crude palm oil production and financial services.
Edited by Affirunisa Kankudti