New Delhi: Off-highway tyres major on Saturday said it will raise up to Rs 1,000 crore through long-term borrowings. In a regulatory filing, the company said its board at a meeting held on Saturday decided to raise “funds up to Rs 1,000 crore through broader means of long-term finance“.
The long-term finance “can be in the form of foreign currency bonds, non-convertible debentures (NCD), external commercial borrowings and term loans in various currencies“, it added.
“These long-term borrowings may be secured or unsecured, rated or unrated, in one or more tranches/drawdowns, and in case of bonds or NCDs – it may be listed or unlisted in one or more stock exchanges in India,” the filing added.
The company, which sells its tyres under the BKT brand, said its board has further delegated the power to its Finance Committee to do the needful for the fundraise.
Known for its off-highway tyres, BKT has focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.
The company has undertaken a Rs 1,000-crore capacity expansion programme and earlier this month commenced trial production at its new manufacturing unit at Waluj in Maharashtra.
The new plant has an installed capacity of 30,000 MT per annum along with warehousing facility for raw materials and finished goods.