Embassy Developments to raise up to INR 400 cr via NCDs on private placement
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On the reaction day the stock moved 3.2 pts more than Nifty Microcap 250 and 3.8 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Embassy Developments board committee approved raising up to INR 400 crores through up to 40,000 senior, secured, unlisted NCDs of face value INR 1 lakh each, on a private placement basis in one or more tranches. The NCDs carry 11 percent annual interest, paid quarterly after a 6-month moratorium, with a 42-month tenure. Principal will be repaid in 10 equal instalments after 4 quarters of moratorium. Issuance will not be listed on any stock exchange.
Raises debt of INR 400 cr which may lift leverage but supports business needs; NCDs are unlisted so no direct retail shareholder participation or dilution.