Cholamandalam Finance to issue NCDs
By Our Banking Bureau | 24 Mar 2005
Chennai: Cholamandalam Investment & Finance Company Ltd has informed the BSE that the board of directors of the company at its meeting held on March 22, has approved the issue of non convertible debentures (NCDs) on a private placement basis in one or more series to mutual funds / institutions/banks/bodies corporate or other agencies. The plan is to raise Rs400 crore through medium-term NCDs and Rs800 crore through short-term NCDs, subject to a limit of Rs250 crore of debentures outstanding at any point in time.
The company has said that the board wants to arm itself with borrowing powers, so that it could raise resources as and when required during the year.