Britannia Industries on Thursday said its board has approved a proposal to raise Rs 698.51 crore by issuing bonus debentures to eligible equity shareholders.

"The bonus debenture committee of the board of directors of the company ... approved the allotment of unsecured, non-convertible, redeemable, fully paid up debentures having a face value of Rs 29 each.. to the members holding equity shares as on May 27, 2021," Britannia Industries said in a regulatory filing.

The company said the size of the issue is Rs 698.51 crore and the bonus debentures are proposed to be listed on BSE Ltd and National Stock Exchange of India Ltd (NSE).

As per Britannia Industries, the bonus debentures will be redeemed after three years from the date of allotment.

Shares of Britannia Industries were trading 0.58 per cent higher at Rs 3,494.95 apiece on BSE.