New Delhi, May 2 (PTI) Godrej Consumer Products Ltd (GCPL) on Tuesday said it has plans to raise Rs 5,000 crore from the market through the issuance of Non-Convertible Debentures (NCDs).

The FMCG arm of the Godrej group, which is having a board meeting to approve its financial results on June 10 for the March quarter, would also consider a proposal for fundraising, the company said in an update on board meeting.

Also Read | Cyclone Mocha: Odisha CM Naveen Patnaik Asks Officials To Remain Alert After IMD's Prediction of Cyclonic Circulation Over Bay of Bengal.

"... at the same meeting, the board may also inter alia, consider approval of raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to an amount up to Rs 5,000 crore in one or more tranches," said GCPL in a regulatory filing.

The amount would be raised in one and more tranches, said GCPL which owns popular brands such as Good Knight and HIT.

Also Read | Go Airlines Moves NCLT, Says Pratt & Whitney Not Supplying Spare Engines That Resulted in Grounding of 25 Aircrafts.

Last week, GCPL announced the acquisition of the FMCG business of Singhania-controlled Raymond along with brands, Park Avenue, Kamasutra and Premium, for Rs 2,825 crore.

The company had reported a revenue of Rs 6,951.56 for the financial year ended on March 31, 2022.

At the time of the acquisition, GCPL Managing Director and CEO Sudhir Sitapati had said it will increase the addressable market in the fast-growing area and expand its reach in the chemist channels.

This is the 14th acquisition by the Godrej group firm for the expansion of the portfolio. Its last big acquisition was Strength of Nature LLC in 2016.

(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)