Crompton Greaves Consumer Electricals (CGCEL) has received its shareholders approval to raise around Rs 700 crore through the issuance of non-convertible debentures (NCDs) on private placement basis.
The company’s shareholders have approved raising up to Rs 700 crore from secured NCDs including debenture stocks, bonds and/or other debt securities, listed or unlisted, on private placement basis.
In April last year, Avantha Group had sold its entire holding of 34.37% in demerged consumer products business of Crompton Greaves to private equity investors Advent International and Temasek for Rs 2,000 crore.
