Birla Corporation on Thursday announced that it approved the allotment of 1500 AA rated, secured, redeemable Nonconvertible Debentures and subsequently raised Rs 150 crore on a private placement basis.
The tenure of the bond is five years with a maturity date of 17 February 2022. The coupon rate on bonds is 5.75% per annum payable monthly.Birla Corporation, the flagship Company of the MP Birla Group, has interest in cement and jute. The company reported a 59.3% decline in consolidated net profit to Rs 60.45 crore on a 1.5% fall in net sales to Rs 1,750.66 crore posted in Q3 FY22 over Q3 FY21.
Shares of Birla Corp were trading 1.24% lower at Rs 1,145.30 on BSE in morning trade.
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