Standard Capital approves issuance of Non-Convertible Debentures
According to the regulatory filing, the company will use the fund for business expansion and general corporate purposes.
The board of directors of Standard Capital on Thursday i.e. January 18 approved the issuance of non-convertible debentures (NCDs). The non-banking financial company (NBFC) said that it was actively engaged with various institutions to explore and facilitate fundraising through NCDs.
"The board of directors of the company considered and discussed the purpose of raising funds through Non-Convertible Debentures. As part of our strategic financial planning, the company has actively engaged with various institutions to explore and facilitate the fundraising through Non-Convertible Debentures," the company said in an exchange filing.
According to the regulatory filing, the company will use the fund for business expansion and general corporate purposes.
"The funds raised through Non-Convertible Debentures will be utilized for business expansion and general corporate purpose. This strategic move is expected to contribute significantly to our growth and expansion plans," it said.
Earlier, Standard Capital was given permission by the BSE to issue bonus shares as well as stock split.
The company issued bonus shares in a 2:1 ratio and stock subdivision in a 10:1 ratio. It has fixed December 29, as the Record Date, for the stock split and bonus issue.
Non-convertible debentures or NCDs are fixed-income instruments for specific terms and interest rates without any security. NCDs are issued by big companies to raise funds from investors.
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