Vivriti Capital’s Rs 500 cr NCD to open on Aug 18
Non-banking financial company Vivriti Capital plans to raise ~500 crore through a maiden public issue of non-convertible debentures (NCDs). The issue is scheduled to open on August 18 and close on August 31, with an option of early closure in case of full subscription. The NCDs will have five options with different tenures and interest payout options. The effective yield on the debt instruments range between 9.98 per cent and 10.48 per cent (on a pre-tax basis).
Siemens’ prospects remain healthy
Siemens stock fell 1.2% on Wednesday, extending the decline from its 52-week high of Rs 4,066.10 made on 31st July. On Tuesday evening, Siemens reported 14% YoY growth in revenue, and 43% jump in PAT for Apr-June quarter (Q3), according to ICICI Securities. The brokerage has an ‘add’ rating and target price of Rs 4,190. It says, all in all it was a good set of results and in line with consensus estimates. “Siemens remains the best play with a strong product suite to participate in the capex uptick across new factories, transmission and mobility,” it says. Additionally, the outlook on base orders remains favourable. ICICI Securities estimates a 20% CAGR in earnings over FY22-FY25
Market watchdog issues warning to Axis Trustee
The Securities and Exchange Board of India (Sebi) on Wednesday issued an administrative warning to Axis Trustee Services Ltd (ATSL), a subsidiary of Axis Bank, for non-compliances. The warning is in relation to four non-convertible debenture (NCD) issuances between March and June for which ATSL acted as a trustee. According to the an exchange filing made by Axis Bank, the warning has been issued for non-compliance of Regulation 18(6A) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021. The norms require disclosure of issuer’s bank details for interest payment and redemption in the trust deed and pre-authorisation of debenture trustee for the same.