Indus Towers board OKs Rs 1,500-cr NCD issue

Indus Towers announced that its board has approved the issue of non-convertible debentures (NCD) aggregating upto Rs 1,500 crore in three trances, on private placement basis.

The company's board approved issue of unsecured, rated, listed, redeemable non‐ convertible debentures having face value of Rs 10 lakh each with base issue size is of Rs 1,000 crore and green shoe option of upto an additional Rs 500 crore in three series as per placement memorandum.

Under Series I debentures, total issue will be upto Rs 750 crore (base issue size of Rs 500 crore and green shoe option of up to an additional Rs 250 crore).

Under Series II & Series III debentures, total issue will be upto Rs 375 Crore (base issue size of Rs 250 crore and green shoe option of up to an additional Rs 125 crore).

The NCDs are to be redeemed at par on maturity date, said the company.

Indus Towers is India's leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

The company's consolidated net profit slumped 44.1% to Rs 871.80 crore despite of 15.9% rise in revenue from operations to Rs 7,966.60 in Q2 FY23 over Q2 FY22.

The scrip declined 0.22% to Rs 203.70 on the BSE.

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