Aditya Birla Capital Limited has informed the Exchange regarding allotment of its Non-Convertible Debentures.
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On the reaction day the stock moved 1.2 pts more than Nifty Midcap 150 and 1.3 pts more than its Investment Company peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Aditya Birla Capital has allotted 25,000 NCDs with a face value of Rs. 1,00,000 each, raising Rs. 250 Crore via private placement to identified investors. The base issue size was Rs. 200 Crore with a green shoe option of up to Rs. 800 Crore, and the company used part of this green shoe to upsize to Rs. 250 Crore. The NCDs carry a coupon of 8.12% per annum, are secured by a first pari-passu charge on receivables, securities, future movable assets and current assets, and will be listed on BSE and NSE. The instruments are scheduled to mature on March 6, 2028, with coupon payments on March 6 each year. This is part of the company's regular debt-raising activity to fund its lending and financial services operations.
The Rs. 250 Crore raise strengthens Aditya Birla Capital's funding base at a competitive 8.12% rate without diluting equity shareholders, since these are pure debt instruments. The market reaction is likely to be neutral, as this is a routine private placement consistent with the disclosed issue structure.