Ennore Port to raise Rs 500 cr through bonds

Ennore Port Limited, a Mini Ratna company, plans to enter the debt capital market to raise Rs 500 crore. The company is planning to enter the market on February 18, 2014 with a public issue of tax free secured, redeemable non-convertible bonds of face value of Rs. 1,000 each. The bond issue aggregates up to Rs. 250 crore, with an option to retain over-subscription up to Rs. 250 crore.

The Bonds are proposed to be listed on the BSE.

The Coupon rate for Qualified Institutional Buyers (QIB), Corporate, High Net Worth Individuals (HNIs) has been fixed at 8.36% per annum for 10 years, 8.75% per annum. for 15 years and 8.75% per annum for 20 years.  For Retail Individual Investors, the coupon rate will be 8.61% per annum. for 10 years, 9.% per annum. for 15 years and 9.00% p.a. for 20 years.

The funds raised through this Issue will primarily be used for Capital dredging projects, augmenting the rail and road connectivity to the port and Construction of third coal berth for captive use of Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO).

SPA Capital Advisors Ltd, A K Capital Services Ltd, Karvy Investor Services Ltd and RR Investors Capital Services Private Ltd are the Lead Managers to the issue. GDA Trusteeship Ltd is the bond trustee, while Link Intime India Private Limited is the Registrar to the issue.

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