 "Godrej Consumer Products")
Godrej Consumer Products Ltd (GCPL) on Tuesday said it has plans to raise Rs 5,000 crore from the market through the issuance of Non-Convertible Debentures (NCDs).
The FMCG arm of the Godrej group, which is having a board meeting to approve its financial results on May 10 for the March quarter, would also consider a proposal for fundraising, the company said in an update on board meeting.
"... at the same meeting, the board may also inter alia, consider approval of raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to an amount up to Rs 5,000 crore in one or more tranches," said GCPL in a regulatory filing.
The amount would be raised in one and more tranches, said GCPL which owns popular brands such as Good Knight and HIT.
Last week, GCPL announced the acquisition of the FMCG business of Singhania-controlled Raymond along with brands, Park Avenue, Kamasutra and Premium, for Rs 2,825 crore.
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The company had reported a revenue of Rs 6,951.56 for the financial year ended on March 31, 2022.
At the time of the acquisition, GCPL Managing Director and CEO Sudhir Sitapati had said it will increase the addressable market in the fast-growing area and expand its reach in the chemist channels.
This is the 14th acquisition by the Godrej group firm for the expansion of the portfolio. Its last big acquisition was Strength of Nature LLC in 2016.
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