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CESC board panel approves raising Rs 300 cr via NCDs

Business Finance

Press Trust of India  |  New Delhi 

Power utility company CESC on Wednesday said a board panel has approved raising Rs 300 crore through issuance of non-convertible debentures (NCDs).

"An issue of 3,000 NCDs having a face value of Rs 10 lakh each for cash at par aggregating to Rs 300 crore, on a private placement basis has been approved today," the company said in a BSE filing.

The proceeds of the issue will be utilised for capital expenditure and general corporate purposes.

The proceeds from the NCDs will not be used, either in part or full, for capital market activities, including subscription/purchase of shares & debentures, acquisition or purchase of land or any other speculative business activity.

The issue proceeds shall not be used for any purpose which may be in contravention of RBI guidelines for bank financing to corporates, it added.

The issue is proposed to be listed on the Wholesale Debt Market segment of the NSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 13:44 IST