India's largest private shipping company Great Eastern Shipping is planning to raise up to Rs 500 crore through non-convertible debentures(NCDs) on a private placement basis.
The company will seek its Board's approval "to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating up to Rs 500 crores on private placement", it said in a BSE filing.
The approval will be sought in the company's annual general meeting scheduled on August 12 while the terms and conditions for raising the fund would be determined by the Board, it said.
The funds would be raised "on such terms and conditions as the Board may, from time to time, determine and consider proper and most beneficial to the company including as to when the said debentures be issued, the consideration for the issue, utilisation of the issue proceeds and all matters connected with or incidental thereto", the filing added.
The firm further said that approval will also be sought for re-appointment of Bharat K Sheth as a whole time director of the company designated as 'Deputy Chairman & Managing Director' for a period of five years with effect from April 1, 2015.
The private shipping player has two main business -- shipping and offshore.
While the shipping business deals in transportation of crude oil, petro products, gas and dry bulk commodities, offshore services cater to oil companies carrying out offshore exploration and production activities through its subsidiary, Greatship (India) Limited.
The shares of the company closed at Rs 350.85 apiece on the BSE, up about 1 per cent from the previous close.
