The Board after deliberations inter-alia considered and approved the proposal for fund raising by way of issue of Non-Convertible Debentures (NCD) upto Rs 200 crore in one or more tranches/series to Asian Development Bank ("ADB") on a private placement basis, as may be permitted under applicable laws, subject to necessary approvals, permissions, consents and sanctions as may be required.

The Board also placed on record its appreciations in regards to the management's continuous efforts towards debt optimization and mentioned that this NCD proposal will further contribute to the same.