Sudarshan Chemical board approves raising up to Rs200 crore via NCDs

29 Mar 2022 , 08:19 AM

Sudarshan Chemical Industries on Monday said that its board has approved fundraising of up to Rs200 crore through the issue of non-convertible debentures on a private placement basis.

In the regulatory filing, the company said “in continuation to our communication dated 23rd March 2022, intimating about the Board Meeting to be held on Monday, 28th March 2022, this is to inform that the Board of Directors, at its Meeting held today, has inter alia, approved fundraising by way of issue of Non-Convertible Debentures aggregating up to Rs200 crore, on private placement basis in one or more series/tranches, as may be decided by the Board of Directors / Committee from time to time, subject to the approval of shareholders by way of Postal Ballot.”

“If so approved by the shareholders, funds will be raised on the terms including, rate of interest, tenor, security, etc. as per the letter of offer(s) / information memorandum(s) /offer document(s) as may be issued by the Company from time to time,” the company added.

The stock ended at Rs533 down by Rs0.1 or 0.02% from its previous closing of Rs533.10 on the BSE. The scrip opened at Rs536.45 and touched a high and low of Rs536.45 and Rs521.40 respectively.