Board approves raising additional 1,170 crores via NCDs

Board & Shareholder Meetings View source PDF

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AI summary

Embassy Developments board committee has approved raising additional funds of up to 1,170 crores through senior, secured, unlisted non-convertible debentures on a private placement basis. This increases the total issue size from 400 crores to 1,570 crores. The NCDs have a face value of 1 lakh each and will not be listed on any exchange. Proceeds will be used for refinancing existing debt, project construction, working capital, and general corporate purposes.

Likely market impact

Raises total NCD issue size to 1,570 crores for debt refinancing and project funding, no equity dilution since these are non-convertible debentures.