Future Corporate Resources to raise Rs 600 crore via NCDs

Kishore Biyani owned Future Corporate Resources Ltd is planning to raise Rs 600 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"The Board of Directors of the company has considered and approved in principal the issuance of non convertible debentures of the company for an amount up to Rs 600 crore on a private placement basis subject to the approval of the shareholders," the company said in a BSE filing.

Earlier this month, another group company Future Retail said it plans to raise fresh funds of up to Rs 1,500 crore through non-convertible debentures (NCDs) on private placement basis to replace high cost loans and to invest in brand building as well as marketing.

The company, which raised Rs 1,500 crore fund recently, sought shareholders' nod for the fresh round of funding.

Last month, Future Retail has agreed to merge its retail operations with rival Bharti Retail of the Sunil Mittal-led Bharti Group to create one of India's biggest retail chains with a turnover of over Rs 15,000 crore and more than 570 stores across the country.