Raymond to raise Rs 100 cr via NCDs

Diversified group Raymond said its Board has approved raising of up to Rs 100 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"The Committee of Directors of the company at a meeting held on February 9, 2016, approved the issue of Non-Convertible Debentures aggregating up to an amount of Rs 100 crore on private placement basis," Raymond said in a BSE filing.

The company did not indicate end use of funds it plans to raise.

Last month, Raymond Ltd reported a 28.46% decline in consolidated net profit at Rs 40.11 crore for the third quarter ended December.

The company had posted a consolidated net profit of Rs 56.07 crore during the October-December period of the previous financial year.

However, Raymond's total consolidated income from operations during the quarter under review increased 7.36% to Rs 1,484.40 crore as against Rs 1,382.58 crore during the same period of last fiscal, Raymond said in a BSE filing.

Raymond Ltd's shares were trading 1.06% down at Rs 391 apiece on the BSE.