Crompton Greaves Consumer plans to raise up to Rs 925 cr via debt securities

Crompton Greaves Consumer Electricals Ltd said its board will meet next week to consider raising up to Rs 925 crore through debt securities.

The board is scheduled to meet on Monday, June 13, 2022, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.

The board will consider a proposal to raise ''funds by way of issuance of debt securities including but not limited to secured/unsecured, rated, listed, redeemable nonconvertible debentures on private placement basis upto Rs 925 crore subject to the borrowing limits of the Company as approved by the shareholders.''

Earlier this year in February, CGCEL announced acquiring a majority 81 per cent stake in Butterfly Gandhimathi Appliances for a total consideration of Rs 2,076 crore.

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Tamil Nadu-based Butterfly Gandhimathi Appliances operates in the kitchen and small appliances market. The deal will help CGCEL expand into the segment, the company had said.

CGCEL operates in the consumer durables and lighting products segments.

Shares of Crompton Greaves Consumer Electricals Ltd on Wednesday settled at Rs 351.25 on BSE, down 2.19 per cent from the previous close.

(With PTI inputs)