Ceat board approves proposal to raise Rs500 crore
The tyre maker plans to raise the amount by issuing securities including equity shares and non-convertible debentures
Mumbai: The board of tyre maker Ceat Ltd on Tuesday approved a proposal to raise ₹ 500 crore, the RPG Group company informed the Bombay Stock Exchange. Ceat will now seek shareholders’ approval for the proposal.
Ceat said it plans to raise the amount by issuing securities including equity shares, foreign currency convertible bonds, American depository receipts, global depository receipts, fully or partly convertible debentures, non-convertible debentures, preference shares convertible into equity shares or any other equity-linked securities. The securities will be issued through public or private offerings through a qualified institutions placement.
At 2.52pm, Ceat’s shares were trading at ₹ 586.60, down 0.53% on the BSE, while the benchmark Sensex index was at 26,356.11 points, down 0.20%.
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