CHENNAI: Sundram Fasteners Ltd, part of the USD 7.2-billion TVS Group, will raise up to Rs 500 crore through non-convertible debentures (NCDs).“The Board of Directors of the company at their meeting held on Wednesday have given their consent to raise funds through issue of NCDs not exceeding Rs 500 crore on Private Placement basis”, the company said in a BSE filing on Wednesday.
The proposal is subject to shareholders’ approval.The city-based auto components manufacturer had declared financial results for the second quarter ending September 2017, showing a 17.5 per cent year-on-year increase in stand-alone net profits at Rs 90.43 crore. The company had recorded standalone net profit at Rs 76.93 crore during the corresponding period of last year. For the half-year period ending September, standalone net profit went up by 18.4 per cent to Rs 180.60 crore compared to Rs 152.48 crore registered in the year-ago period.