Branded jewellery maker Titan Company Ltd on Tuesday (October 17) said its board has approved plans to raise funds through multiple avenues. The board of directors approved the proposal to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis, with a fundraising target of up to Rs 2,500 crore.

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The board also empowered a select committee to handle the finalisation of terms related to the NCD issuance and the subsequent allotment of these instruments, according to a stock exchange filing

Additionally, the board extended another crucial financial decision, with the approval of availing long-term unsecured loans, amounting to a substantial Rs 1,000 crore.

These loans will be sourced from reputable banks and financial institutions, further strengthening Titan's financial position, the company added.

Last week, Titan reported a 20 percent growth in standalone revenue for the second quarter ended September 30, 2023. During the period, it added 81 stores across verticals, taking the group's retail presence to 2,859 outlets, according to a quarterly update by Titan.

Its jewellery division reported revenue growth of 19 percent. Building on the positive first-quarter momentum, domestic consumer sales (secondary) exhibited strong year-on-year growth and were led by a double-digit increase in buyers and ticket sizes.

Moreover, as part of its global expansion, its jewellery brand Tanishq expanded its Gulf Cooperation Council (GCC) presence by entering Qatar and adding two new boutiques in Doha. The Jewellery Division added 39 stores, taking the total count to 598.

The Watches & Wearables (W&W) Division's domestic business grew 32 percent. This comprises 22% growth in Analog watches and over two-fold growth in Wearables.

Shares of Titan Company Ltd ended at ₹3,304.65, up by ₹4.55, or 0.14 percent on the BSE.