Future Lifestyle Fashions would raise Rs 500 crore from domestic or overseas market via private placement to fund fashion retail business growth.
The company has got shareholders' approval for the special resolution at its annual general meeting held yesterday to raise the said amount by issuing non-convertible debentures, the company said in a regulatory filing.
The funds are to be borrowed in Indian or foreign currency by issue of debt instruments for an amount of up to Rs 500 crore in domestic or overseas market. The funds would be raised within a year from the date of passing of the resolution, Future Lifestyle Fashions had informed on July 30.
The funds to be raised will remain within the overall borrowing limit of the company, it said in the filing.
"Considering the growth of the fashion retail business and requirements of funds for operations, the company needs to raise additional funds in one or more tranches by issuing NCDs, bonds and/or debt instruments," the company had said while explaining the rationale.
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