Textile and apparels conglomerate Raymond Ltd on Thursday said its committee of directors has approved raising of Rs 40 crore (Forty crores) through private placement (PP) of non-convertible debentures (NCDS).

According to Raymond’s regularly filing with stock exchanges it  reads:  “The committee of directors has approved allotment of 400 secured listed rated redeemable non-convertible debentures (NCDs) of face value Rs 10,00,000 each at par”

The NCDs will have a coupon rate of 8.85 percent, it added. "The debentures are proposed to be listed on the Wholesale Debt Market segment of the National Stock Exchange of India Ltd," the company said.

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