Tata Group Company Titan To Raise Rs 2500 Crore Via Issuance Of Unsecured NCDs

Titan Company Limited informed via an exchange filing on Tuesday that the Board of Directors of the company has approved a proposal to raise up to Rs 2,500 crore through the issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures (NCDs) on a private placement basis.

In an exchange filing, the company said, "The Board of Directors, at the Meeting held today, reviewed and approved the proposal for raising of funds through the issuance of rated, listed, redeemable, unsecured NonConvertible Debentures (NCDs) on private placement basis, for an amount up to Rs 2,500 crore. The Board also authorized a Committee of the Board, to take all actions in respect of finalization of terms of issuance and allotment of NCDs."

Furthermore, the company has also approved availing Long-term borrowings in the form of long-term unsecured loans up to a limit of Rs 1,000 crore from Banks/Financial Institutions.

Meanwhile, in a separate exchange filing, the company announced the nomination of Arnn Roy, Secretary, Industries Investment Promotion and Commerce Department, Tamil Nadu Government as Chairman and Additional Director on the Board of the Company in place of S Krishnan, with effect from October 17, 2023, and accordingly the Board approved the same.

Today, the share price of Titan closed 0.29% higher at Rs 3309.60 per share.

Titan expects a 20% annual growth in revenue for the quarter ending September, driven by its watches and wearables segment. As e-retailers prepare for a robust festive season, the watches and wearables division witnessed a 32% growth compared to last year.