STOCK MARKET BSE NSE

Sundram Fasteners to raise Rs 500 crore

Sundram Fasteners Ltd, part of the USD 7.2-billion TVS Group, will raise up to Rs 500 crore through non-convertible debentures.

Published: 23rd November 2017 08:17 AM  |   Last Updated: 23rd November 2017 08:17 AM   |  A+A-

By Express News Service

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.

More from Business.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp