Stocks of Future Retail ended with over 2 per cent gains on Tuesday after the company raised Rs. 600 crore through an issue of non-convertible debentures (NCDs) on private placement basis.
The stock settled at Rs. 101.35, up 1.55 per cent from its previous close on the BSE. During the day, it gained 5.21 per cent to Rs. 105 apiece. At the NSE, shares of Future Retail closed the day 2.2 per cent higher at Rs. 102.
On Monday, Future Retail had informed the bourses that the committee of directors “considered, approved and allotted 6,000, 10.25 per cent secured redeemable non-convertible debentures (NCDs) of Rs. 10 lakh each, aggregating to Rs. 600 crore on private placement basis“.
Last month, Kishore Biyani-promoted Future Retail had said that the company planned to raise up to Rs. 1,500 crore through debt instruments to replace high cost loans and to invest on brand building and marketing. The company had sought approval from its shareholders for raising up to Rs. 1,500 crore through issue of non-convertible debentures on private placement basis.
Meanwhile, in the broader market the benchmark Sensex ended the day on a flat note at 28,516.59, up 12.13 points.
