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The NCDs have a face value of Rs 1,000 each for an amount up to Rs 100 crore along with a with a green shoe option of up another Rs 100 crore, which aggregates to the total issue size of Rs 200 crore.
The Issue is scheduled to open on October 7 and close on October 18.
At least 75% of the funds raised through the issue will be used for repayment/prepayment of interest and principal of existing borrowings of the company and the balance towards general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the issue.
The NCDs proposed to be issued under the issue have been rated “CRISIL A+/ Watch Negative (placed on ‘Rating Watch with Negative Implications’) by CRISIL Ratings.
Securities with these ratings are considered to have an adequate degree of safety regarding the timely servicing of financial obligations. Such securities carry low credit risk.The Issue has 12 series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly, and cumulative interest options with an option of staggered redemption in Series IX and XII.The effective annual interest yield on the NCDs ranges from 9.50% p.a. to 11.00% p.a.
Trust Investment Advisors Private Limited, Nuvama Wealth Management Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.
The NCDs will be listed on BSE Limited to provide liquidity to the investors.
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