UGRO Capital (NSE:UGROCAP, BOM:511742) has approved a proposal to raise up to 750 million Indian rupees through the issue of non-convertible debentures with an option to retain oversubscription of up to 250 million rupees, according to a Thursday filing to the Indian bourses.

The company plans to issue 7,500 senior, secured, listed, rated, redeemable, taxable, non-convertible debentures denominated in Indian rupees each having a face value of 100,000 rupees on a private placement basis and an option to retain oversubscription up to 2,500 debentures.

The debentures will tentatively carry a coupon rate of 10% per annum. They are scheduled to be allotted on Jan. 30 and mature on Jan. 30, 2029.