Titan to issue unsecured NCDs on a private placement basis to raise Rs 2,500 crore

18 Oct 2023 , 02:24 PM

On Tuesday, leading jeweller and timepiece maker, Titan announced that it would use unsecured non-convertible debentures (NCDs) in a private placement to raise Rs 2,500 crore from the markets.

According to a regulatory filing from the Tata group-managed company, the board of the company ‘approved the proposal for raising funds through the issue of rated, listed, redeemable, unsecured NCDs’ for Rs 2,500 crore’ on Tuesday.

The board also gave a committee permission to make decisions about the completion of the terms of issuance and the distribution of NCDs.

In addition, the board had authorized at the same meeting ‘availing of long-term borrowings in the form of long-term unsecured loans up to a limit of Rs 1,000 crore from banks/financial institutions,’ it was noted.

Additionally, the business disclosed the change in nominee.

‘The board took note of the nomination of Arun Roy, IAS, Secretary, Industries Investment Promotion and Commerce Department, Tamil Nadu Government as Chairman and Additional Director on the board of the company in place of S Krishnan, IAS with effect from October 17, 2023,’ stated the statement.

Titan was established in 1984 as a joint venture between the Tamil Nadu government and the Tata Group.

The state government holds a 27.88% share in the business, while the Tata Group holds a 25.02% stake.

On the BSE, Titan Company Ltd. shares ended Tuesday’s trading session at Rs. 3,309.60, up 0.29%.

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