Fitness chain Talwalkars Better Value Fitness looks to raise up to Rs 125 crore through non convertible debentures (NCDs) to fund its expansion plans.
"In order to enhance long-term resources for financing the capital expenditure and for general corporate purposes, the company may offer subscription for NCDs up to Rs 125 crore, in one or more series/tranches, on private placement basis...During 2016-17," Talwalkars Better Value Fitness Ltd said in a postal ballot notice to its shareholders.
This year in March, the firm had announced its plans to invest Rs 100 crore over the next three years to open 100 gyms across Sri Lanka.
"Over the next three years, the company plans to inaugurate some 100 gyms across the length and breadth of Sri Lanka, investing about a crore in the latest equipment and technology in each of the facilities," Talwalkars had said in a BSE filing.
The company opened gyms in Sri Lanka in collaboration with the Colombo-based Power World Gyms Ltd (PWG). In October last year, Talwalkars had picked up a 49.5 per cent stake in PWG for an undisclosed sum.
Talwalkars runs 176 fitness centres in 85 cities and towns across South Asia.
