Great Eastern Shipping Company's debenture issue committee has approved a proposal to raise Rs 150 crore via issuance of non-convertible debentures (NCDs) on a private placement basis.

“The debenture issue committee at its meeting held today has approved the issue of 1,500 secured non-convertible debentures of Rs 10 lakh each aggregating Rs 150 crore by way of private placement,” the company said in a filing to BSE today.

GE Shipping has two main businesses — shipping and offshore. The company shares were trading 0.32 per cent higher at Rs 388.80 apiece on the BSE.