Nayara Energy raises Rs 2,285 cr via NCDs, issue sold out twice over

Nayara Energy has raised Rs 2,285 crore through placement of Non-Convertible Debentures (NCDs) in the domestic market. A statement from the company said that the issue got over-subscribed by 128.5 per cent over the base size of Rs 1,000 crore.

“Proceeds of the issue will be utilised for refinancing of existing debt, routine capex and general corporate purpose. The secured NCDs are rated ‘AA’ with Stable outlook by CARE Ratings and was offered with a coupon rate of 8.75 per cent with a three-year bullet maturity,” Nayara Energy said.

“The company had recently repaid its 2018 NCDs amounting to Rs