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Business News/ Companies / Tata Chemicals plans to raise Rs1,000 crore through NCDs
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Tata Chemicals plans to raise Rs1,000 crore through NCDs

The firm sought shareholder approval to raise the amount from private placement

Tata Chemicals’ first quarter earnings are scheduled to be announced on 5 August. Photo: MintPremium
Tata Chemicals’ first quarter earnings are scheduled to be announced on 5 August. Photo: Mint

New Delhi: Tata Chemicals Ltd has sought shareholder approval to raise up to 1,000 crore from private placement of non-convertible debentures for general corporate purposes.

“...the approval of shareholders members be and is hereby accorded to authorize the board of directors of the Company to offer or invite subscriptions for redeemable non-convertible debentures, in one or more tranches, such that aggregate amount does not exceed 1,000 crore on private placement...," the agenda of Tata Chemicals’ annual general meeting said.

The Tata Group firm said it will raise the amount for augmentation of long term resources. The agenda added: “In order to augment the long term resources for financing and for general corporate purposes, the Company may offer or invite subscriptions for non-convertible debentures in one or more tranches on private placement, issuable/redeemable at par."

The company has also moved a resolution for approval on increasing the borrowing limit to up to 5,500 crore.

In another resolution, it sought the shareholders’ approval for the reappointment of R. Mukundan as managing director of the company for five years, till 25 November 2018. Meanwhile, the board has already approved Mukundan’s reappointment.

In five resolutions, the company has sought the shareholders’ approval for the reappointment of Nusli Wadia, Vijay Kelkar, Nasser Munjee, Eknath Kshirsagar and Y.S.P. Thorat as independent directors.

Tata Chemicals’ first quarter earnings are scheduled to be announced on 5 August.

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Published: 27 Jul 2014, 02:33 PM IST
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