Leading jewellery and watchmaker Titan on Tuesday said it will raise Rs 2,500 crore from the markets through unsecured Non-Convertible Debentures (NCDs) on a private placement basis.
The board of the company in a meeting on Tuesday "approved the proposal for raising of funds through the issuance of rated, listed, redeemable, unsecured NCDs" for Rs 2,500 crore, said a regulatory filing from the Tata group managed firm.
The board also authorised a committee to take action with respect to the finalisation of terms of issuance and the allotment of NCDs.
Besides, the board, at the said meeting, had also approved "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 added.
Besides, the company also informed about 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," it said.
Titan was set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu government.
While the Tata Group owns a 25.02 per cent stake, the state government owns a 27.88 per cent stake in the company.
Shares of Titan Company Ltd on Tuesday settled at Rs 3,309.60, up 0.29 per cent on the BSE.