ABB India to raise Rs 600 cr through NCDs

ABB India's board has given its approval to raise Rs 600 crore through non-convertible debentures (NCDs) on private placement basis.

"The Board of Directors of the Company at its meeting held on July 02, 2015, approved the proposal to raise money to the extent of Rs 600 crore by way of issuance of unsecured listed redeemable non-convertible debentures on private placement basis to investors," the company said in a regulatory filing today.

It said the issuance would be subject to approval of the shareholders by way of a special resolution through postal ballot.

The terms and conditions of such issuance would be decided by the board, it added.

The company, however, did not give any reason for raising the amount.

ABB is a global company in power and automation technologies.

Shares of ABB India closed at Rs 1,362.50 a scrip on the BSE, up 2.43 per cent from the previous close.