Shares of Godrej Consumer Products Ltd (GCPL) rose more than 3 percent on Wednesday after the company announced that its board will consider a proposal next week to raise up to Rs 5,000 crore through an issue of non-convertible debentures (NCDs).

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The FMCG major in an exchange filing stated that its board will meet on May 10 to consider the fund raising proposal.

The board will also consider and approve the company's audited financial results for the quarter and financial year ended March 31, 2023 on May 10.

GCPL last month announced that it had entered into an agreement to acquire the FMCG business of Raymond Consumer Care Ltd (RCCL) through a slump sale in a Rs 2,825 crore deal.

RCCL is a leading player in the deodorants and sexual wellness categories in India. RCCL houses brands such as Park Avenue and KamaSutra and had sales of Rs 622 crore in FY23 against Rs 522 crore in FY22.

GCPL last month also announced an investment of Rs 100 crore in Early Spring, which is a Rs 300 crore early-stage consumer fund being set up by Spring Marketing Capital.

The company expects to log double-digit growth in both volume and value terms in the last quarter of financial year 2023 on the back of gradual recovery in the FMCG sector.

In an update, GCPL had stated that the performance of its India business exceeded expectations, especially on the volume front.

Its domestic branded business growth was very strong registering volume and value growth in teens.

Overall, the growth was broad-based and led by double-digit

volume and value growth in both Home Care and Personal Care in the March quarter.

Shares of GCPL are trading 2.1 percent higher at Rs 943.20.

(Edited by : Rukmani Krishna)