Ceat board approves to raise Rs 500 cr via issue of securities

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Tyre maker Ceat today said its board has approved to to raise up to Rs 500 crore through issue of securities.

The company's board today approved raising of an amount not exceeding Rs 500 crore through further issue of securities including equity shares or Foreign Currency Convertible Bonds (FCCBs) or American Depository Receipts (ADRs), Ceat Ltd said in a filing to the BSE.

As per the board approval, the firm can also raise capital via convertible debentures, non convertible debentures, preference shares convertible into equity shares or any other equity linked securities, by way of one or more public or private offerings, including qualified institutions placement, it added.

The Mumbai-headquartered company produces tyres, tubes and flaps.

Ceat shares today closed at Rs 588.25 apiece on the BSE, down 0.32 per cent from the previous close.

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