Ludhiana-based leading textiles company Trident Ltd. plans to raise up to Rs. 1,100 crore from the market by issuing non-convertible debentures (NCDs) and equity shares in tranches.
Trident said in a regulatory filing that the company’s board has approved raising up to Rs. 600 crore by issuing NCDs and up to Rs. 500 crore through equity shares.
It further added that the board has also recommended the fund raising resolution to be approved by the shareholders in the next meeting.
Apart from this, the company has also made changes in its top management as it approved the appointment of Naveet Jindal as CEO for Paper, Chemicals and Energy Business of the company and Swapan Nath as CEO for Budhni.
Swapan is currently heading the home textiles division of the Group.
The board also approved “change in designation of Rajiv Dewan to act as Chairman of the board of the company with an immediate effect.” Its board also approved the resignation of Pallavi Shroff as director of the company with immediate effect and the appointment of Usha Sangwan as additional director.
