 "Sundram Fasteners to raise Rs 300 cr through NCDs")
The company through a filing infomed BSE that its board on Monday approved funds not exceeding Rs 300 crore on private placement basis, proposed to be listed on one or more stock exchanges.
The proceeds to be used to augment long term resources to finance company's working capital requirements, capital expenditure and or for general corporate purposes, company said.
More From This Section
Board also approved transfer of equity shares representing 100% voting share capital of Cramlington Precision Forge Ltd, United Kingdowm (CPFL) and Sundram Fasteners (Zhejiang) Ltd, China (SFZL) (wholly-owned subsidiaries of the company) to a new holding company to be formed in the United Kingdom.
The new holding company would also be a wholly-owned subsidiary of the company, for a consideration of around Rs 250 crore to be settled by way of swap of shares of the new holding company.