Raymond’s Board of Directors will hold a fundraiser on December 17

Raymond announced on Monday that the company’s board of directors will meet on December 17, 2021 to consider raising funds.

In an exchange filing, Raymond said, a meeting of the directors’ committee of the company’s board of directors will be held on Friday, December 17, 2021 to consider and approve the issuance of non-convertible debentures aggregating up to an amount not exceeding Rs 100 crore on a private placement basis.

It is proposed to list said non-convertible debentures on the WDM segment of NSE.

Last week, Raymond announced that the company’s wholly-owned subsidiary, JK Files & Engineering, had filed a draft red herring prospectus with Sebi for an IPO including an offer to sell for Rs 800 crore . The company is engaged in the manufacture of precision engineering components for tools and hardware (files and drills) and the marketing of hand tools, power tool accessories and power machine tools and the manufacture of automotive components.

Raymond is India’s largest integrated suit manufacturer that offers end-to-end solutions for fabrics and garments. It has one of the largest exclusive retail networks in the country with approximately 1,500 stores in over 600 cities.

On a consolidated basis, the company reported a net profit of Rs 56.15 crore in the second quarter of FY22 compared to a net loss of Rs 136.59 crore in the second quarter of FY21. net worth jumped 130.1% to Rs 1,551.32 crore in Q2 FY22 from Q2 FY21.

Shares of Raymond ended up 0.12% at Rs 657.35 in yesterday’s trading.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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