Trident plans to raise up to Rs 1,100 crore

Textiles and paper maker is planning to raise up to Rs 1,100 crore from the market by issuing NCDs and equity shares in tranches.

The company’s board on Saturday approved raising up to Rs 600 crore by issuing Non-Convertible Debentures (NCDs) and up to Rs 500 crore through equity shares, Trident said in a regulatory filing.

The board also recommended the fund raising resolution to be approved by the shareholders in the next meeting, it added.

Besides, it okayed the appointment of Naveet Jindal as CEO for Paper, Chemicals and Energy Business of the company and Swapan Nath as CEO for Budhni Location.

Both the appointments are effective from May 15, 2021.

Nath is currently heading the Home Textiles of Trident.

Trident also informed BSE that its board has approved “change in designation of Rajiv Dewan to act as Chairman of the board of the company with an immediate effect.”

Its board also approved the resignation of Pallavi Shroff as director of the company with immediate effect and the appointment of Usha Sangwan as additional director.

On raising of funds, Trident said the board had cleared the resolution for raising of funds ”for an amount not exceeding Rs 600 crore by issue of NCDs by way of public or private offering, in one or more tranches”

It also approved the resolution for raising of funds “for an amount not exceeding Rs 500 crore by issue of equity shares, non- convertible debt instruments” along with warrants, convertible debt instruments or by way of a public or private offering, including QIP.

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