Indore municipal company has launched secured redeemable non-convertible debentures (NCDs) of face worth of ₹1000 every, aggregating as much as ₹ 122 crore, with an choice to retain over-subscription of as much as ₹122 crore, taking the whole problem dimension to ₹244 crore. The problem will open on 10 February and can shut on 14 February.
Each NCD would comprise 4 separate transferable and redeemable principal elements, with every having a face worth of ₹250. The problem gives a price of return of 8.25% each year payable half yearly.
The complete utility quantity is payable on utility. The precise allotment of NCDs might happen on a date aside from the Deemed Date of Allotment. All advantages referring to the NCDs together with curiosity on NCDs/ any STRPP forming a part of the NCD shall be out there to the NCD Holders from the Deemed Date of Allotment. The NCDs are proposed to be listed on National Stock Exchange of India Limited.
The secured NCDs proposed to be issued underneath this problem have been rated ‘IND AA+/Stable’ as per India Ratings and ‘CARE AA;(Stable)’as per Care Ratings.
The NCDs and the transaction paperwork (aside from the Issue Proceeds Agreement) will likely be ruled by and construed in accordance with the legal guidelines of India and the events undergo the unique jurisdiction of courts and tribunals in Indore. The Issue Agreement shall be ruled by and construed in accordance with the legal guidelines of India and the events undergo the unique jurisdiction of courts and tribunals in Mumbai.
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
