TVS Group firm Sundram Fasteners' board today gave its nod for raising Rs 300 crore through non-convertible debentures on private placement basis in order to meet working capital requirements.
"... The Board of Directors at their meeting held today, have given the consent to raise funds through issue of Non-Convertible Debentures, not exceeding Rs 300 crore on private placement basis, proposed to be listed in one or more stock exchanges", the city-based company said in a BSE filing.
"The proceeds of Debenture issued are meant to augment long term resources for financing the company's working capital requirements, capital expenditure or for general corporate purposes", it added.
The Board also gave its consent to transfer equity shares of London-based Cramlington Precision Forge Ltd and the company's subsidiary in China, to a new "holding company" to be formed in United Kingdom, for a consideration of about Rs 250 crore.
Shares of the company today ended 3.08 per cent down at Rs 149.55 apiece on BSE.
