Titan plans to raise Rs 2,500 crore through non-convertible debentures

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Jewellery and watchmaking business Titan plans to raise Rs 2,500 crore through non-convertible debentures on a private placement basis. Titan’s board of directors has also approved further borrowings from banks or financial institutions for the business. 

Festive jewellery by Titan brand Tanishq – Tanishq- Facebook

Titan’s board of directors announced that it has, “approved the proposal for raising of funds through the issuance of rated, listed, redeemable, unsecured NCDs,” according to a regulatory filing accessed by India Retailing. The Tata Group business is in the process of expanding its operations including opening brick-and-mortar stores across India for its numerous jewellery and watch brands. 
Titan’s board of directors has authorised a committee to work on finalising the terms of issuance and the allotment of the non-convertible debentures to move ahead. The board of directors approved further borrowing in the form of long-term unsecured loans up to a limit of Rs 1,000 crore.

With effect from October 17, Titan’s board of directors made a change in nominee and replaced S Krishnan with Arun Roy, secretary of the Industries Investment Promotion and Commerce Department at the Tamil Nadu Government. Titan was established in 1984 as a joint venture between industry giant Tata Group and the Tamil Nadu state government. 

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