One of India’s top textile manufacturers and retailers, Raymond Ltd. has set out to raise around Rs. 100 crore or US $ 13.2 million through non-convertible debentures (NCDs) during this time of cash crunch.
With stores shut and sales in textiles hitting rock bottom, the company has landed on the option of raising capital through NCDs that are proposed to be listed on the National Stock Exchange (NSE).
The firm’s board is set to meet on 21 May for a final decision on issuance of the debentures, not exceeding Rs. 100 crore, on a private placement basis, said a statement by the company in regulatory filings.
With a network of 1,584 stores across format, Raymond had a net profit of Rs. 175 crore with revenue of Rs. 6,707 crore for FY2018-19. They expect an upswing in sales as soon as stores reopen after lockdowns are lifted.
Raymond Ltd.’s shares were down 2.57 per cent at the end of Monday at Rs. 215.75 on the Bombay Stock Exchange (BSE).