New Delhi, Mar 23 (PTI) Microfinance lender CreditAccess Grameen Limited (CAGL) on Wednesday said it will raise up to Rs 1,500 crore through a public issue of bonds.

The board of directors has considered and unanimously approved "the proposal of raising funds through public issue of Non-Convertible Debentures (NCDs) in domestic market up to Rs 1,500 crore in different tranches," it said in a regulatory filing.

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Among others, the board of directors also approved to grant over 10.29 lakh shares under Employees Stock Option Plan – 2011, related party transactions with its subsidiary Madura Micro Finance Ltd (MMFL) for outsourcing of IT and manpower services as well as for acquisition of new customers for MMFL.

Shares of CAGL closed at Rs 802.40 apiece on BSE, 0.11 per cent down from previous close.

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(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)