IVRCL Infra raises Rs2bn via debt
The issue is being made to meet the normal capital expenditure, general corporate purposes and long term working capital requirements.
IVRCL Infrastructures & Projects Ltd has informed that pursuant to Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008.. the Company issued 2000 Secured Redeemable Non-convertible Debentures of Rs 10,00,000/- for cash at par aggregating to Rs2bn to Life Insurance Corporation of India with a coupon rate of 12.15% p.a. repayable at the end of 5 years and to be listed on National Stock Exchange Ltd (NSE).
The issue is being made to meet the normal capital expenditure, general corporate purposes and long term working capital requirements. The Company has been awarded AA-(Ind) Rating from Fitch Ratings for Rs3.2bn Non-convertible Debenture programme. The Company proposes to raise balance Rs1.2bn of NCDs shortly.
source: Indiainfoline
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