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Shares of Sundram Fasteners ended at Rs497.60 apiece up by 1.30% over the previous close. Photo: Mint
Shares of Sundram Fasteners ended at Rs497.60 apiece up by 1.30% over the previous close. Photo: Mint

Sundram Fasteners Board gives nod to raise upto Rs500 crore through NCDs

Sundram Fasteners says its Board of Directors have given its consent to raise funds through issue of NCDs not exceeding Rs500 crore on Private Placement basis

Chennai: The Board of Sundram Fasteners Ltd, a TVS Group company, which met on Wednesday, has given its consent to raise funds upto 500 crore through NCDs, the company said".

“The Board of Directors of the company at their meeting held on Wednesday have given their consent to raise funds through issue of non-convertible debentures (NCDs) not exceeding Rs500 crore on Private Placement basis", the company said in a BSE filing.

The proposal was subject to the approval of the shareholders, it said. Early this month, the auto component manufacturer had declared financial results for the second quarter ending 30 September, 2017.

The city-based company had clocked standalone net profits at Rs90.43 crore for the second quarter ending 30 September, 2017 up by 17.5% over same period of last year. The company had recorded standalone net profit at Rs76.93 crore during the corresponding period of last year.

For the half-year period ending 30 September, 2017 standalone net profit went up by 18.4% to Rs180.60 crore from Rs152.48 crore registered during year-ago period.

Shares of the company ended at 496.00 apiece up by 0.98% over the previous close in BSE.

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