New Delhi, Aug 3 (PTI) Air conditioning and commercial refrigeration firm Blue Star Ltd on Thursday said it will raise Rs 1,000 crore from the market to support its 'aspirational' growth plans.

The board of the Blue Star in a meeting held on Thursday approved the proposal for raising funds in one or more tranches subject to necessary approvals.

Also Read | Nuh Violence: Rajasthan CM Ashok Gehlot Accuses Haryana CM Manohar Lal of Non-Cooperation, Questions Offer To Help Arrest Monu Manesar.

It will be raised by way of "issuance of equity shares, fully/partly convertible debentures, non-convertible debentures, and/or any other financial instruments convertible into equity shares" through one or more public and private offerings including by way of qualified institutions' placement, it said.

Also Read | Andhra Pradesh Road Accident: Drunk Woman's SUV Runs Amok, Rams Into Parked Vehicles in Vishakhapatnam; Video Surfaces.

"The proceeds from the aforesaid proposed fundraising are intended to be utilised for meeting funding requirements and growth objectives of the Company and its businesses including but not limited to funding expenditure for general corporate purposes, as well as to retire some debt," it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)