Bajaj Corp plans to raise Rs1,000 crore
FMCG firm Bajaj Corp has plans to raise Rs 1,000 crore from market by issuing equity shares and securities
New Delhi: FMCG firm Bajaj Corp has plans to raise Rs 1,000 crore from market by issuing equity shares and securities. The company has plans to raise the amount “in one or more tranches up to an amount not exceeding Rs 1,000 crore”.
The resolution will enable the firm to raise funds by “issue of equity shares and/or any other financial instruments, convertible into Equity Shares through QIP under SEBI ICDR Regulations and/or through issuance of securities in the international markets by way of GDRs/ADRs/FCCBs etc,” the company said.
The company will seek shareholders’ approval for the fund raising proposal at its annual general meeting to be held on 18 July.
“The intention is to raise additional capital to meet the funding requirements and business objectives of the company,” Bajaj Corp said in a regulatory filing.
This will help the Shishir Bajaj Group firm to pursue organic and inorganic growth opportunities. “The company has been pursuing organic and inorganic opportunities for its growth. This would require sufficient resources including funds to be available and to be allocated from time to time,” it said.
Besides, the company is also seeking reappointment of managing director Sumit Malhotra, who is retiring by rotation. It will also consider dividend of 1,150% of Rs11.50 for a share having a face value of Re 1 for the financial year ended 31 March 2017.