Parsvnath plans to raise up to Rs 10b via debentures

NEW DELHI, Sept 7 (PTI): Realty firm Parsvnath Developers plans to raise up to Rs 10 billion through private placement of non-convertible debentures and is also looking at selling non-core assets to reduce debt.
The company has called an Annual General Meeting on September 23 to seek shareholders' approval on a special resolution related to the private placement of non-convertible debentures.
In the AGM notice, Parsvnath has sought the shareholders approval to offer or invite subscriptions for NCDs on a private placement basis, in one or more tranches, aggregating up to Rs 10 billion during the next one year.
"NCDs issued on private placement basis are a significant source of borrowings for the company," it added.
The members' approval has also been sought to authorise the company's board of directors to determine the terms and conditions of the issue of NCDs on private placement basis.