CEAT, one of the leading tyre companies in India, announced Wednesday the board of directors has approved to raise funds upto Rs 5 billion.

For fund raising, the company will consider further issue of securities including equity shares or foreign currency convertible bonds or American Depository Receipts or Global Depository Receipts or fully or partly convertible debentures, non convertible debentures, preference shares convertible into equity shares or any other equity linked securities, by way of one or more public or private offerings (including through a Qualified Institutions Placement).

Shares of the company declined Rs 4.2, or 0.71%, to trade at Rs 584.05. The total volume of shares traded was 30,885 at the BSE (11.48 a.m., Wednesday).