Raymond, one of the largest integrated manufacturer of worsted fabric on Thursday said its board of directors has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 2 billion on a private placement basis.

The coupon rate will be 9% p.a. payable annually, it said.

"A meeting of the committee of board of directors of the company was held today i.e. on January 21, 2021. The committee of directors at the said meeting  has approved the issue of non-convertible debentures for an amount up to Rs 2 billion on private placement basis," Raymond said.

In case of default in repayment of Interest and /or principal redemption on due dates, additional interest of 2% p.a. over the coupon rate will be payable by the company for the defaulting period.

Shares of Raymond are trading at Rs 334.65, down Rs 3.65, or 1.08% at the Bombay Stock Exchange (BSE) on Thursday at 3:29 p.m.

The scrip has touched an intra-day high of Rs 341.80 and low of Rs 331.00. The total volume of shares traded at the BSE is 93,365.In the earlier session, the shares rose 0.55%, or Rs 1.85, at Rs 338.30.

Currently, the stock is trading down 52.59% from its 52-week high of Rs 705.90 and above 59.74% over the 52-week low of Rs 209.50.