Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company, is planning to raise up to Rs 500 crore ($79 million) through non-convertible debentures (NCDs) on a private placement basis, says PTI.
The company will seek its Board's approval "to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating up to Rs 500 crores on private placement", it said in a Stock Exchange filing.
The approval will be sought in the company’s annual general meeting scheduled on August 12 while the terms and conditions for raising the fund would be determined by the board.
The funds would be raised "on such terms and conditions as the Board may, from time to time, determine and consider proper and most beneficial to the company including as to when the said debentures be issued, the consideration for the issue, utilization of the issue proceeds and all matters connected with or incidental thereto", the filing added.
The private shipping player has two main businesses - shipping and offshore.