The board of directors of Blue Star Ltd, at its meeting held on Thursday, April 30, approved the issuance of non-convertible debentures (NCD) of up to ₹500 crore through a private placement to eligible investors.
Based on this enabling resolution, the air-conditioning and commercial refrigeration major said, it intends to issue NCDs amounting to ₹300 crore in the near term. The funds will be used to finance its working capital needs and capital expenditure plans. The company said it plans to raise the funds in May.