Infrastructure firm Dilip Buildcon today said its board has approved the proposal to raise Rs 600 crore by issuing non-convertible debentures on private placement basis.

The board “has approved the authority for issuance and allotment of debentures of Rs 600 crore in the form of senior, secured, unlisted, rated, redeemable, non-convertible debenture on a private placement basis” in the meeting held today, it said in a regulatory filing.

The company will issue and allot up to 6,000 non- convertible debentures of face value of Rs 10 lakh each in dematerialised form, bearing a coupon rate of 8.90 per cent payable at six months every year on a private placement basis.