Date:24/03/2005 URL: http://www.thehindubusinessline.com/2005/03/24/stories/2005032401920600.htm

Back Cholamandalam Fin board okays NCD issue

Our Bureau

Chennai , March 23

CHOLAMANDALAM Investment & Finance Company Ltd has informed the BSE that the board of directors of the company at its meeting held on March 22, has approved the issue of non convertible debentures (NCDs) on a private placement basis in one or more series to mutual funds/institutions/banks/bodies corporate or other agencies.

The plan is to raise Rs 400 crore through medium-term NCDs and Rs 800 crore through short-term NCDs, subject to a limit of Rs 250 crore of debentures outstanding at any point in time.

"It is a routine, annual exercise," Mr M. Anandan, Managing Director, Cholamandalam Investment, told Business Line on Wednesday, adding that the board only wanted to arm itself with borrowing powers, so that it could raise resources as and when required during the year.