UGRO Capital (NSE:UGROCAP, BOM:511742) has received board approval to raise up to 9.11 billion Indian rupees through the issue of convertible debentures, according to a Friday filing to the Indian bourses.
The company is planning an issuance of 49,264,715 convertible debentures having a face value of 10 rupees each to the non-promoter allottees through a preferential allotment.
The debentures will be issued at 185 rupees each.
Each debenture is convertible into one equity share at any time within 18 months from the date of allotment.
The company's shares were up over 1% in recent trade.
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