Board approves raising up to 1,170 crores via NCDs, total issue size now 1,570 crores

Board & Shareholder Meetings View source PDF

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AI summary

Embassy Developments Ltd board committee approved raising additional funds up to INR 1,170 crores via senior, secured, redeemable, unlisted NCDs (face value INR 1 lakh each) on private placement. This raises total issue size from INR 400 crores to INR 1,570 crores. Funds will be used for refinancing debt, project construction, working capital, and general corporate purposes. NCDs will not be listed on stock exchanges and will be secured by company assets.

Likely market impact

Increases debt burden by up to 1,170 crores for refinancing and project funding. No equity dilution as NCDs are unlisted and non-convertible.