Future Retail, which runs the Big Bazaar chain of stores, on Wednesday announced that its Board has approved fund raising of Rs. 650 crore through issuance of non-convertible debenture on a private placement basis.
In a regulatory filing, the retail major said, “The Board of Directors of Future Retail Limited on 27th May, 2020 considered and approved by way of enabling resolution to issue secured /unsecured redeemable non-convertible debentures (NCDs) on private placement basis for an amount aggregating upto Rs. 650 crore in one or more tranches from time to time.”
The company said the issuance of NCDs is mainly to replace its existing high cost current or near term maturity debts requirements.
Shares of Future Retail were trading at Rs. 77.05 apiece at NSE, up by 4.97 per cent from the previous close of Rs. 73.40.