Mumbai: Finolex Industries on Wednesday said it is planning to raise Rs50 crore through issue of debentures on private placement basis for funding its proposed power plant.
The board has approved the issue of secured redeemable non-convertible debentures of Rs1O lakh a piece aggregating to Rs50 crore on private placement basis, Finolex Industries said in a filing to the Bombay Stock Exchange (BSE).
According to the company, it is raising funds for setting up a coal based 43 MW captive power plant at Ratnagiri.
Axis Bank is the sole arranger of the issue. The company has interests in various areas such as power, communications, petrochemicals and agriculture.
Shares of Finolex Industries were trading at Rs52.95, down 1.03% in the late afternoon trade on the BSE.