IVRCL Assets and Holdings raises Rs 100 cr throgh NCDs

IVRCL Assets and Holdings Limited issued 1,000 unsecured redeemable non-convertible debentures of Rs 10 lakh each for cash at par, aggregating to Rs 100 crore on a private placement basis.

The coupon rate of the NCDs is 10.10 per cent a year, and the interest is payable on a quarterly basis. The NCDs were allotted on June 25 with an 18-month tenor, and would soon be listed on the National Stock Exchange of India Ltd (NSE).

The company had earlier raised Rs 150 crore through secured non-convertible debentures (NCDs) with a coupon rate of 9.50 per cent a year with a tenor of three years and repayable in two instalments.

The cumulative amount of Rs 250 crore raised through the NCD issue would be used for business activities including downstream investments in infrastructure projects. The funds would also be used to part-finance equity in highway and tankage projects, which are currently under development.

IVRCL's stock was trading at Rs 124.30, down 1.47 per cent from its previous close of Rs 126.15 on the BSE.