Birla Corp raises Rs 150 cr through NCDs

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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