Markets

Centrum Capital board okays plan to raise Rs 18,000 crore

NEW DELHI: Centrum Capital today said its board of directors has approved raising Rs 18,000 crore by various means.

The company's board of directors today approved the "issue of convertible warrants on preferential basis to BG Advisory Services LLP, being a corporate entity forming part of the promoter group at the company, up to a maximum amount of Rs 300 crore", it said in a regulatory filing.

Centrum will also raise a sum not exceeding Rs 750 crore through issue of securities in one or more tranches. The company said it will seek shareholders' approvals for these two proposals through postal ballot process.

Besides, the board has approved "raising of funds up to Rs 750 crore by way of offer, issue and allotment of equity shares to the existing shareholders of the company on a rights basis (rights issue), at such price and right entitlement ratio as may be decided by the board in consultation with lead managers," it added.

Centrum is engaged in financial services such as investment banking, wealth management, portfolio management, stock broking, foreign exchange, travel, lending, infrastructure and real estate advisory services.

The company has a pan-India presence with a network of 80 branches.

It has a cumulative experience of deals worth Rs 10 trillion (USD 162.79 billion) from more than 1,600 billion transactions.

Stock of Centrum Capital closed 3.13 per cent up at Rs 77.50 apiece on BSE today.

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