Board approves raising up to Rs 1,030 cr via NCDs on private placement
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Board approved raising up to Rs 1,030 crores via 1,03,000 secured senior rated listed redeemable Non-Convertible Debentures on private placement basis. Face value Rs 1 lakh each, coupon 7.20 percent per annum with annual interest payments. Tenure 3 years with bullet principal repayment at maturity. Includes put and call options at 1 year 1 day and 24 months. Secured by first ranking charge on Kandla and Pipavav LPG terminal assets. Proposed to be listed on NSE.
Debt raise of Rs 1,030 cr at 7.20 percent increases leverage but supports LPG terminal expansion.