Page 4 - Non Convertible Debentures

Shree Cement to raise up to Rs 700 cr via NCDs on private placement basis

The fundraising plan is expected to be part of the company's Rs 7,000-crore capex plan in the next phase of growth, during which it aims to add an additional 12 million tonnes of capacity

DLF's rental arm DCCDL raises Rs 1,100 cr through issue of debentures

DLF's rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis. In a regulatory filing on Thursday, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures. DCCDL said that the securities allotment committee of the Board of Directors has approved the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) of the face value of 1 lakh each on a private placement basis to eligible investor(s). The size of the issue is Rs 1,100 crore. These NCDs will be listed on the BSE. The coupon rate is 8.25 per cent per annum. The maturity is August 17, 2033. DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC. DLF holds a 66.67 per cent stake while the GIC has a 33.33 per cent stake in the DCCDL. DLF holds the bulk of its rental assets (offices and shopping malls) through DCCDL. DCCD

Credit Access Grameen raises Rs 989 cr via non-convertible debentures

Microfinance firm Credit Access Grameen on Monday said it has raised Rs 989.58 crore through public issue of secured, redeemable Non-Convertible Debentures (NCDs). The NCD Tranche II Issue had a base issue size of Rs 400 crore with an option to retain oversubscription of up to Rs 600 crore aggregating up to Rs 1,000 crore, the Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) said in a statement on Monday. The issue saw interest from investors across series and tenures offering monthly and cumulative interest options with effective yield ranging from 9.48 per cent to 10.13 per cent per annum, it said.

Sebi issues template for info sharing by CRAs to debenture trustees

Credit rating agencies will have to submit their disclosures to the debenture trustees in a specified format for easier accessibility and analysis of the data submitted by them, according to Sebi. Under Sebi norms, credit rating agencies (CRAs) have to share certain information with Debenture Trustees (DTs). "Due to the large quantum of information submitted daily by CRAs to DTs, as well as short timelines mandated for disclosure of this information by DTs, it is essential that the data shared by CRAs be structured and submitted in a specified format for easier accessibility and analysis of the submitted data," the regulator said in a circular on Monday. In this regard, the Securities and Exchange Board of India (Sebi) has come out with an Excel template. "CRAs shall use the same template for their daily submissions of rating revisions to DTs," as per the circular, which will be effective from October 1. Further, CRAs should report on their compliance with the circular, as ratifie

Vivriti Capital to raise Rs 500 cr via non-convertible debentures on Aug 18

The NCDs will have five options with different tenures and interest payout options

Navi Finserv to raise Rs 500 cr debt via non-convertible debentures

Navi Finserv, the NBFC arm of Navi Technologies, on Monday hit the debt market with a plan to raise up to Rs 500 crore through a public issue of non-convertible debentures. The issue will close on July 21, the Bengaluru-based company said in a statement. The issue offers five series of investment options with tenures of 18, 27 and 36 months with yields ranging from 10.18 per cent to 11.01 per cent. There is an option of coupon payments monthly or annually, barring the third and fifth series for which payments will be made every year. Sachin Bansal, cofounder of the Navi Group, said this was the company's second public debt issue meant to further diversify the borrowings profile.

Torrent Power raises Rs 600 cr through non-convertible debentures

Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis. "The company has issued and allotted Series 11 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of Rs 600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said. The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on Wholesale Debt Market Segment of National Stock Exchange. Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group. It is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission, and distribution. Torrent Power has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07

SBI Card plans to raise Rs 3,000 cr from debentures to fund business growth

SBI Card on Tuesday said it plans to raise up to Rs 3,000 crore by issuing debentures to fund business growth. The decision to consider and approve the proposal for raising funds through the issuance of non-convertible debentures (NCDs) aggregating to Rs 3,000 crore would be taken in June 5 board meeting, SBI Card said in a regulatory filing. This fundraising would be done through private placement in one or more tranches over a period of time, it added.

Raymond to consider issue of non-convertible debentures up to Rs 2,200 cr

The outcome of the board meeting will be communicated to the stock exchanges after conclusion of the board meeting on May 9 2023

Sebi introduces legal identifier system for issuers with listed NCDs

Capital markets regulator Sebi on Wednesday introduced Legal Entity Identifier (LEI) system for issuers that have listed or planning to list non-convertible securities, securitised debt instruments and security receipts. LEI, a unique global identifier for legal entities participating in financial transactions, is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is party to a financial transaction. It is a unique 20-character code to identify legally distinct entities that engage in financial transactions. Presently, Reserve Bank of India (RBI) mandates non-individual borrowers having aggregate exposure of above Rs 25 crore to obtain LEI code. In view of this, Sebi said that issuers having outstanding listed non-convertible securities as on August 31 will have to obtain and report the LEI code in the centralised database of corporate bonds by September 1, according to a circular. Similarly, issuers having ...

Godrej Consumer Products plans to raise Rs 5,000 crore via NCDs

Godrej Consumer Products Ltd (GCPL) on Tuesday said it has plans to raise Rs 5,000 crore from the market through the issuance of Non-Convertible Debentures (NCDs). The FMCG arm of the Godrej group, which is having a board meeting to approve its financial results on June 10 for the March quarter, would also consider a proposal for fundraising, the company said in an update on board meeting. "... at the same meeting, the board may also inter alia, consider approval of raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to an amount up to Rs 5,000 crore in one or more tranches," said GCPL in a regulatory filing. The amount would be raised in one and more tranches, said GCPL which owns popular brands such as Good Knight and HIT. Last week, GCPL announced the acquisition of the FMCG business of Singhania-controlled Raymond along with brands, Park Avenue, Kamasutra and Premium, for Rs 2,825 crore. The company had reported a revenue of Rs 6,951.56 for the

Bourses approves transfer of NCDs from HDFC Ltd to Bank as part of merger

HDFC Ltd on Wednesday said both stock exchanges BSE and NSE have approved the transfer of NCDs from the mortgage firm to HDFC Bank as part of the amalgamation process. BSE and NSE vide their letters dated April 26, 2023, granted their in-principle approval for the transfer of additional NCDs (non-convertible debentures) issued by HDFC Limited post receipt of the earlier approval on December 13, 2022, to HDFC Bank, the mortgage firm said in a regulatory filing. The proposed amalgamation is subject to receipt of final approvals from the Securities and Exchange Board of India (Sebi) in respect of change in control of certain subsidiaries of HDFC Limited, it added. This approval will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about US

IndiGrid raises Rs 1,140 cr via NCDs, to use funds for refinancing

India Grid Trust on Thursday said it has raised Rs 1,140 crore through long-term non-convertible debentures from International Finance Corporation. India Grid Trust (IndiGrid) is the first infrastructure investment trust in the power transmission sector. India Grid Trust has announced that IFC (International Finance Corporation) has subscribed to a listed NCD (non-convertible debenture) issuance of IndiGrid, aggregating to Rs 1,140 crore, according to a statement. With a total tenure of 18 years, the NCDs were priced at a competitive rate that is fixed for a long tenure. The company plans to utilise this debt for funding its upcoming refinancing opportunities in FY24, it added. "This long-term financing from IFC is in alignment with IndiGrid's strategy aimed at ensuring a robust balance sheet," Harsh Shah, Chief Executive Officer of IndiGrid, said in the statement. "Our support will help expand and diversify capital sources for critical power infrastructure, demonstrating the ...

Vedanta board approves plan to raise up to Rs 2,100 crore via NCDs

The committee of directors of mining giant Vedanta Ltd has approved a proposal to raise up to Rs 2,100 crore by issuing non-convertible debentures (NCDs). The proposal was approved on Thursday during a meeting of its Committee of Directors, Vedanta Ltd said in a regulatory filing. "Committee of Directors... on April 13, 2023, considered and approved for raising, on a private placement basis, up to 21,000 numbers secured, unrated, unlisted, redeemable, NCDs of face value Rs 10,00,000/ each aggregating up to Rs 2,100 crore in one or more tranche(s)," it added. It will be issued on a private placement basis, the company said. Vedanta Ltd, a subsidiary of Vedanta, is a diversified global natural resources company.

Sundaram-Clayton trades ex-date for scheme of arrangement; stock slumps 19%

The board at its meeting held on February 9, 2022 has approved the Composite Scheme of Arrangement of the company for issue of bonus NCRPS and demerger of manufacturing undertaking.

HDFC board to consider raising funds by NCDs on Mar 27 worth Rs 57,000 cr

Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. "A meeting of the Board of Directors of the Corporation is scheduled to be held on Monday, March 27, 2023 to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, under a Shelf Placement Memorandum, aggregating Rs 57,000 crore on a private placement basis...," HDFC said in a regulatory filing. The approval for this was granted by the shareholders at the 45th Annual General Meeting held on June 30, 2022, it said. It is expected that the parent HDFC Ltd would merge into subsidiary HDFC Bank by the third quarter of the next financial year. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 2022 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The proposed entity will ha

Future Enterprises defaults on Rs 12.75-crore interest payment on NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023," it said. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund. FEL had recently defaulted on payment of interest on several non-convertible debentures. The debt-ridden Future group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. It is engaged

Investors should avoid NCDs rated below AA despite mouthwatering returns

Diversify across sectors and match your investment horizon with paper's tenor to avoid liquidity issues

IIFL Finance to raise funds via public issue of non-convertible debentures

The issue, which also has a greenshoe option to retain an oversubscription of 9 billion rupees, will open for subscription on Friday and close on Jan. 18

State-run NTPC to raise Rs 500 crore via non-convertible debentures

State-run power giant NTPC will raise Rs 500 crore through the issuance of non-convertible debentures on a private placement on Friday. "NTPC has decided to issue unsecured non-convertible debentures of Rs 500 crore on December 16, 2022, through private placement at a coupon of 7.44 per cent per annum with a door to door maturity of 10 years 3 months 30 days on April 15, 2033," a BSE filing stated. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes, it stated. The debentures are proposed to be listed on BSE. Debenture Trust Deed will be duly executed as per the requirements of and within the period of time prescribed under the Companies Act and rules specified therein. These debentures are being issued under the recommendation of board resolution dated July 29, 2022 and subsequent approval obtained through shareholders' resolution dated August 30, 2022. This is the first issue of debentu