Ceat board approves raising Rs 500 cr via issue of securities

Ceat's board has approved the tyre maker's plan 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 said in a filing to the Bombay Stock Exchange.

According to 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 closed at Rs 588.25 apiece on BSE, down 0.32 per cent from the previous close.