GREAVESCOT: Greaves Cotton Limited has informed the Exchange about Issuance of Non-Convertible Debentures by Greaves Finance Limited, wholly owned subsidiary.
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Greaves Cotton's wholly owned NBFC subsidiary, Greaves Finance Limited, has issued and allotted 2,500 listed, secured, redeemable Non-Convertible Debentures (NCDs) on a private placement basis. Each NCD has a face value of ₹1,00,000, carrying a coupon rate of 10.50%, aggregating to ₹25 crore in total. The entire issue was subscribed by A.K. Capital Finance Limited as the sole allottee. The funds are being raised at the subsidiary level, not by the listed parent company directly.
This is a routine debt-raising exercise by the NBFC subsidiary to bolster its lending capital; it does not dilute equity shareholders and is unlikely to materially move Greaves Cotton's stock price. Investors may note the relatively high 10.50% coupon, which reflects current borrowing costs in the NBFC space.