Kishore Biyani led Future Retail said it has raised Rs 600 crore through an issue of non-convertible debentures (NCDs) on private placement basis.

In a BSE filing, Future Retail said, "The committee of directors has considered, approved and allotted of 6,000, 10.25 per cent secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 600 crore on private placement basis."

The filing added that the said NCDs shall be listed on Wholesale Debt Market Segment of BSE Limited and have been rated CARE AA- (Double A minus) by Credit Analysis & Research Limited (CARE).

Last month, Future Retail had announced its intention to raise up to Rs 1,500 crore through debt instruments to replace high cost loans.

The retailer had sought approval from its shareholders to raise up to Rs 1,500 crore through a non-convertible debentures issue on private placement basis.

According to Future Retail, it hopes to borrow at a reduced rate of interest, following overall reduction in base lending rate initiated by banks.

At that time, it had said that through this fresh offering, it plans to replace some of its high cost near-term maturity debts with lower cost and long-term maturity debts.