EID Parry gets nod to raise Rs 250 crore via NCDs

EID Parry (India) has received approval to raise fund not exceeding Rs 250 crore through issue of Non-Convertible debentures (NCDs) on a private placement basis. The Board of Directors of the company at its meeting held on February 01, 2019 has approved the same.

The board has also decided that the sugar unit at Puducherry which is not in operation due to continuous non-availability of adequate sugar cane will not be operated in future as the expectation of the revival of cane cultivation in the area is abysmally low due to a variety of factors. The Company proposes to transfer assets of the unit to its other units and also dispose other assets as may be deemed appropriate.

EID Parry is a significant player in Sugar with interests in promising areas of Bio Pesticides and Nutraceuticals. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International.