Page 2 - Non-convertible Debentures

Aditya Birla Housing Finance raises Rs 830 cr funding from IFC through NCDs

Aditya Birla Housing Finance Limited (ABHFL), a wholly owned subsidiary of Aditya Birla Capital, on Wednesday said it has raised Rs 830 crore in funding through Non-Convertible Debentures (NCDs) from the International Finance Corporation (IFC). The funds raised through IFC's investment will be utilised to address critical gaps by providing housing loans to low-income and middle-income groups, with a particular focus on encouraging homeownership among women, the company said in a statement. A portion will also be allocated to supporting MSMEs (micro, small & medium enterprises), especially women-led enterprises, to drive growth and economic progress, it added. This investment aims to enhance financial inclusion, and uplift underserved communities in the affordable housing and MSME sectors, the company said. "This collaboration with IFC marks a key milestone in advancing financial inclusion and equitable growth," said Pankaj Gadgil, MD & CEO of Aditya Birla Housing Finance ...

Sterlite Grid 32 gets Rs 2,450 cr via listed NCDs to refinance MUML project

Power transmission solution provider Sterlite Grid 32 Ltd (SGL32) on Monday announced securing Rs 2,450 crore through listed non-convertible debentures (NCDs) to refinance its Mumbai Urja Marg Ltd project. The National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL) have emerged as the successful bidders to the NCDs that have been listed on the Bombay Stock Exchange (BSE), according to a statement. This is the first listed NCD issuance of Sterlite Grid 32 Limited after its joint venture with GIC of Singapore. The NCDs are rated AA+ stable by CRISIL Ratings. The infrastructure business of Sterlite Power Transmission Ltd was demerged into Sterlite Grid 5 Limited (SGL5) effective October 8, 2024. SGL5 has recently entered into a joint venture with GIC of Singapore, following which SGL5 is to execute all its transmission projects in India through Sterlite Grid 32 Limited (SGL32). Pratik Agarwal, Director, Sterlite Gri

Sebi allows subscription to NCS during trading window closure period

Capital markets regulator Sebi on Monday permitted subscription to non-convertible securities (NCS) during the trading window closure period, marking a significant update to its insider trading norms. This latest move enables the market participants to subscribe to non-convertible securities without being constrained by the trading window restrictions. However, the trading window restrictions will not apply with respect to transactions, such as acquisition by conversion of warrants or debentures, subscribing to rights issues, further public issues, preferential allotment or buy-back and open offers. Sebi noted that earlier exemptions, extended through a 2020 circular, included rights entitlements and offer-for-sale (OFS) transactions. "It has been decided that in addition to the transactions mentioned in PIT (Prohibition of Insider Trading) regulations, the trading window restrictions shall also not apply to subscription to the issue of non-convertible securities, carried out in ..

Godrej Industries raises Rs 1,000 crore through NCDs in two tranches

Both issuances had a base size of Rs 250 crore and a green shoe option of another Rs 250 crore. The NCDs have been rated AA+ by domestic rating agencies CRISIL and ICRA

Mankind Pharma pledges 39.68% in Bharat Serums for Rs 5K crore NCDs

The capital raised through this pledge is expected to support Mankind Pharma's strategic initiatives and growth plans

Sebi mulls separation of non-regulated activities for debenture trustees

Sebi on Monday proposed that debenture trustees separate non-market watchdog-regulated activities into a new legal entity and define "cross-default" to clarify their roles in shared security interests. Additionally, the new provisions have been proposed to outline debenture trustees' (DT) rights and responsibilities, aligning with their fiduciary duties and obligations under Sebi's Listing Obligations and Disclosure Requirements (LODR) Regulations. These changes aim to support timely fulfillment of DT duties. The regulator has proposed changes to how the Recovery Expense Fund is used, which supports debenture recovery processes and suggested to standardize the format of Debenture Trust Deeds to streamline documentation. These proposals are aimed at improving ease of doing business for debenture trustees. In its consultation paper, the regulator proposed that DTs should hive off non-Sebi-regulated activities into a new legal entity, which cannot use the DT's brand name after a one-

Indel Money to raise up to Rs 150 cr via NCDs to fund growth plans

Gold loan financier Indel Money on Monday said it plans to raise up to Rs 150 crore through non-convertible debentures to fund business growth. The issue, which is open from October 21 to November 4, has an option of early closure in case of early over-subscription, Indel Money said in a statement. The funds raised through this issue will be used for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the company and general corporate purposes, it said. The company expects to penetrate new markets and expand its customer base in rural and semi-urban markets where a large portion of the population has limited access to credit, it said. Gold loan accounts for 91.82 per cent of the company's loan portfolio. The company has a network of 324 branches.

Indel Money to raise up to Rs 150 cr via NCDs to fund growth plans

Gold loan financier Indel Money on Monday said it plans to raise up to Rs 150 crore through non-convertible debentures to fund business growth. The issue, which is open from October 21 to November 4, has an option of early closure in case of early over-subscription, Indel Money said in a statement. The funds raised through this issue will be used for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the company and general corporate purposes, it said. The company expects to penetrate new markets and expand its customer base in rural and semi-urban markets where a large portion of the population has limited access to credit, it said. Gold loan accounts for 91.82 per cent of the company's loan portfolio. The company has a network of 324 branches.

Sebi clarifies on 3-in-1 accounts usage for online public issue application

Markets regulator Sebi on Friday clarified that investors can continue using 3-in-1 accounts to apply online for public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities, and securitised debt instruments. This is in addition to the existing modes of application, Sebi said in a circular. A three-in-one trading account combines a savings account, a demat account, and a trading account into a single integrated solution. In this case, the clients would have their funds in their bank account, earning interest on the cash balances. The clarification came after Sebi received feedback that there is a need to explicitly specify the usage of 3-in-1 type accounts for making an application in the public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments. Last month, Sebi's board approved a proposal whereby, in addition to the current mode of trading, the qualified st

NBFCs turning to alternative funding sources amid slower bank loans

This shift has been spurred by changes in banking regulations, making it more difficult for NBFCs, especially those with lower credit ratings, to secure bank funding

Bangalore International Airport to raise up to Rs 5,000 crore via NCDs

To deploy funds for refinance, capex preparation

Sebi bars Axis Capital from acting as merchant banker in debt segment

Investment bank provided guarantee towards redemption of NCDs in the guise of underwriting, says the regulator

Hinduja Group's IIHL files documents to raise Rs 3,000 crore via NCDs

Hinduja Group firm IIHL, the successful resolution applicant for takeover of debt-ridden Reliance Capital (RCAP), on Monday filed offer documents to raise Rs 3,000 crore through non-convertible debentures (NCDs), according to sources. The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said. IndusInd International Holdings Ltd (IIHL) has filed the NCD offer document with the BSE. The NCD -- with a duration of 3.5 years -- is expected to open for subscription early next week, sources said. IIHL has already brought its equity component of Rs 2,750 crore for the transaction, which has been deposited in a designated account of the Committee of Creditors, under the supervision of NCLT. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,650-crore ..

Adani Group plans Rs 40K cr fundraise from retail, HNI investors via NCDs

Adani group's recent corporate filings show that as of March 31, 2024, domestic lenders had an exposure of Rs 88,100 crore to various Adani Group entities through long-term and working capital loans

Adani Enterprises to launch maiden public NCD issue worth Rs 800 crore

Adani Enterprises' first public issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) will be available for subscription from September 4-17

Tata Chemicals raises Rs 1,700 cr through NCDs on private placement basis

Tata Chemicals has raised Rs 1,700 crore through the issue of Non-convertible Bebentures (NCDs) to investors on a private placement basis. In a regulatory filing on Tuesday, Tata Chemicals said an internal Committee, constituted by its board, has approved the allotment of 1,70,000 NCDs, having a face value Rs 1 lakh each for cash, aggregating to Rs 1,700 crore, for a tenor of 3 years, to identified investors on private placement basis. The NCDs have a fixed rate coupon of 7.81 per cent and have been issued based on multiple yield allotment method. The NCDs will be listed on the Debt Segment of National Stock Exchange of India Limited (NSE), the filing said. Recently, Tata Chemicals reported a 72 per cent decline in its consolidated net profit to Rs 150 crore for the first quarter of this fiscal year on lower income and higher expenses. Its net profit stood at Rs 532 crore in the year-ago period. Net profit from continuing operations declined to Rs 175 crore from Rs 578 crore. Tota

Tata Chemicals plans to raise Rs 1,700 cr through NCDs to investors

Tata Chemicals plans to raise Rs 1,700 crore through the issue of non-convertible debentures to investors on a private placement basis. In a regulatory filing, the company informed that an internal committee, constituted by the board of directors, has, at its meeting held on Friday, finalised the terms of the issue of NCDs (non-convertible debentures). The company proposes to issue 1,70,000 NCDs of face value Rs 1 lakh each, aggregating to Rs 1,700 crore, on a private placement basis to eligible investors. The NCDs are proposed to be listed on the debt segment of the NSE. The company proposes to make allotment on August 20, 2024, while the date of maturity is 3 years from the date of allotment.

NTPC seeks shareholders' nod to raise Rs 12,000 cr via issuance of NCDs

State-owned power giant NTPC will seek shareholders approval to raise up to Rs 12,000 crore through issuance of Non-Convertible Debentures (NCDs/bonds) on a private placement basis in its annual general meeting on August 29. "The board of directors of the company in its meeting held on 29th June, 2024 has approved the proposal and recommends the passing of the proposed special resolution (for raising up to Rs 12,000 crore in next 12 months)," the AGM notice of NTPC stated. The notice further said that the company is under capacity expansion mode, and a major portion of its capital expenditure requirement has to be funded by debt. The approval of the shareholders is being sought to authorize the board of directors to make offer(s) or invitation(s) to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (NCDs/bonds) up to Rs 12,000 crore in one or more tranches, it said.

Godrej Properties raises Rs 1,275 cr via non-convertible debentures

Realty firm Godrej Properties has raised Rs 1,275.40 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. In a regulatory filing on Friday, the company said the allotment committee of the board of directors of the company approved the allotment of 93,540 unsecured redeemable NCDs of the face value of Rs 1 lakh each, aggregating to Rs 935.40 crore. It also approved allotment of 34,000 such NCDs aggregating to Rs 340 crore. These NCDs were allotted to identified investors on a private placement basis. Godrej Properties is one of the leading real estate developers in the country. The company achieved maximum sales bookings number last fiscal among listed real estate entities. Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej had said in May. In an interview with PTI, Pirojsha ha

Edelweiss Financial Services plans to raise up to Rs 200 crore through NCDs

The company plans to allocate at least 75% of funds raised to the repayment or prepayment of existing borrowings