Crompton Greaves Consumer board OKs raising long-term funds

The board of Crompton Greaves Consumer Electricals approved raising upto Rs 925 crore via issuance of secured, rated, listed, redeemable non-convertible debentures on private placement basis.

The board at its meeting held today, 13 June 2022, has approved to raise long-term funds by way of issuance of secured, rated, listed, redeemable non-convertible debentures on private placement basis up to Rs 925 crore, subject to the borrowing limits of the company as approved by the shareholders.

Further, the board also considered the proposal to modify the company's debt profile and approved the buyback of rated, listed commercial paper aggregating to an amount of upto Rs 600 crore.

Crompton Greaves Consumer Electricals is India's market leader in the category of fans and residential pumps. It makes water heaters, anti-dust fans, antibacterial LED bulbs and a range of other categories like air coolers, food processors like mixer grinders, electric kettles and garment care like irons.

The company's consolidated net profit jumped 29.1% to Rs 176.55 crore on a 1.7% increase in sales to Rs 1,547.92 crore in Q4 FY22 over Q4 FY21.

Shares of Crompton Greaves Consumer Electricals were down 3.52% at Rs 328.85 on the BSE.

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