Crompton Greaves Consumer Electricals on Monday received the board of directors’ approval for modifying its debt approval through buyback of commercial papers and long-term fundraising via non-convertible debentures.
In its regulatory filing, Crompton notified the board okayed for raising long-term funds by way of issuance of secured, rated, listed, redeemable non-convertible debentures to the tune of ₹925 crore, subject to the borrowing limits of the Company as approved by the shareholders
The NCDs will be issued on private placement.
On the other hand, the board approved the buyback of rated, listed commercial paper aggregating to ₹600 crore.
Further, the board also approved the re-classification of MacRitchie Investments and Seletar Investments shareholding from ‘promoter and promoter group’ to the ‘public’ category.
MacRitchie Investments holds about 3,76,12,367 equity shares aggregating to 5.94% of the paid-up capital of Crompton, however, Seletar Investments does not hold any equity shares of the company. Also, these two shareholders do not have any right either to appoint any Director of the company or an ability to control the management or policy decisions of the company in any manner whatsoever including under its shareholding.