UGRO Capital (NSE:UGROCAP, BOM:511742) has received board approval to raise up to 1 billion Indian rupees through the issue of non-convertible debentures on a private placement basis, according to a Wednesday filing to the Indian stock exchanges.

The board approved the issue of up to 100,000 listed, rated, senior, secured, transferable, redeemable, non-convertible debentures denominated in Indian rupees, each having a face value of 10,000 rupees.

The issue will also have an option to retain oversubscription of up to 100,000 non-convertible debentures of a face value of 10,000 rupees each.

The debentures carry a coupon rate of 9.50% per annum, payable monthly. They are tentatively scheduled to be issued on Nov. 27 and mature on Feb. 27, 2027.

They are proposed to be listed on the BSE.

The company's shares were down nearly 2% in recent trade.