Titan plans to raise Rs 2,500 crore through non-convertible debentures

Jewellery and watchmaking business Titan plans to raise Rs 2,500 crore through non-convertible debentures on a private placement basis. Titan’s board of directors has also approved further borrowings from banks or financial institutions for the business. 

Titan’s board of directors announced that it has, “approved the proposal for raising of funds through the issuance of rated, listed, redeemable, unsecured NCDs,” according to a regulatory filing accessed by India Retailing. The Tata Group business is in the process of expanding its operations including opening brick-and-mortar stores across India for its numerous jewellery and watch brands. 
 
Titan’s board of directors has authorised a committee to work on finalising the terms of issuance and the allotment of the non-convertible debentures to move ahead. The board of directors approved further borrowing in the form of long-term unsecured loans up to a limit of Rs 1,000 crore.

With effect from October 17, Titan’s board of directors made a change in nominee and replaced S Krishnan with Arun Roy, secretary of the Industries Investment Promotion and Commerce Department at the Tamil Nadu Government. Titan was established in 1984 as a joint venture between industry giant Tata Group and the Tamil Nadu state government.