Solar Inds gains on plan to raise Rs 60 cr via NCDs

Solar Industries India advanced 1.42% to Rs 4,068.75 after the company said it will raise Rs 60 crore by allotting non-convertible debentures (NCDs), on private placement basis.

The company's committee of directors on 19 December 2022, approved the allotment of 600 - unsecured, rated, listed, senior, redeemable, non-convertible debentures having face value Rs 10 lakh each, for cash, aggregating to Rs 60 crore at a coupon rate of 8.20% p.a., on a private placement basis.

The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE.

The tenure of the instrument is 3 years from the date of allotment. The deemed date of allotment is 23 December 2022 and hence, redemption date being 23 December 2025.

The Solar group is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components. It has manufacturing facilities in 25 locations in India, and plants in Nigeria, Zambia, South Africa, and Turkey.

The company reported 139% surge in consolidated net profit to Rs 176.38 crore on a 98.9% jump in sales to Rs 1,566.60 crore in Q2 FY23 over Q2 FY22.

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