Allotment of 90,000 Secured NCDs Aggregating Rs. 900 Crore on Private Placement
The Finance Committee approved allotment of 90,000 secured, rated, redeemable, listed senior NCDs of face value Rs. 1,00,000/- each, totalling Rs. 900 Crore, on private placement.
- NCD Issuance Amount
- Rs. 900 Crore
- Number of NCDs
- 90,000
- Face Value per NCD
- Rs. 1,00,000/-
- Coupon Rate
- 8.64% p.a.
- Maturity Date
- October 25, 2029
What happened
The Finance Committee of the Board approved the allotment of 90,000 fully paid, secured, rated, redeemable, listed, senior bonds in the nature of Non-Convertible Debentures, each of face value Rs. 1,00,000/-, aggregating Rs. 900 Crore. The issuance is on a private placement basis.
Key terms
- Issue fully subscribed at par/premium; premium received of Rs. 63,00,000/-
- Tenure: 3 Years and 25 days; allotment date September 30, 2026; maturity October 25, 2029
- Illustrative effective coupon of 8.64% p.a., with a first coupon of 589.73 per debenture for 25 days, then 8,640.00 per debenture annually
- Principal of 100,000.00 per debenture repayable on redemption
- Proposed to be listed on the National Stock Exchange of India Limited
Security
The principal together with all interest is secured by a first-ranking, pari passu charge by way of hypothecation over all present and future receivables of the Company, excluding receivables specifically and exclusively charged to existing charge holders. A minimum security cover of 1.00x of the outstanding principal plus interest is to be maintained until maturity.
Other disclosures
No special rights or privileges attach to the instrument. The Company states there is no delay or default in payment of interest and/or redemption of principal on due dates for any existing NCDs.
How to read it
This is a debt fund-raise, not an equity issue, so there is no dilution for existing shareholders. It adds borrowings at the stated coupon, and the money raised supports the Company's funding needs. The committee meeting commenced at 10.15 a.m. and concluded at 10:40 a.m.
More numbers
- Number of NCDs allotted90,000
- Face value per NCDRs. 1,00,000/-
- Aggregate issue sizeRs. 900 Crore
- Premium receivedRs. 63,00,000/-
- Illustrative effective coupon8.64% p.a.
- Minimum security cover1.00 time (1.00x)
- First coupon per debenture(589.73)
- Annual coupon per debenture(8,640.00)
- Principal per debenture on redemption(100,000.00)
- Days to first coupon25
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