The life insurer said the capital will be raised in one or more tranches, for cash, at par on private placement basis.
The funds have been mopped up to strengthen balance sheets, which might have been impacted due to the coronavirus pandemic, retire existing debt and to support working capital requirements, market experts believe.
"Finance committee of the board of directors of the company.... approved allotment of 1,000 non convertible debentures.....of face value of Rs 10 lakh each, for cash at par, aggregating to Rs 100 crore, on private placement basis," IIFL Finance said in a regulatory filing.
Manappuram Finance said its board also approved allotment of 1,000 secured rated redeemable non-convertible debentures having the face value of Rs 10,00,000 each aggregating to Rs 100 crore on a private placement basis
The special resolution for issuance of non convertible debentures (NCDs) by way of offer or invitation, up to an aggregate Rs 2,000 crore, on a private placement, is listed on the agenda of the annual general meeting scheduled for August 6, according to a regulatory filing.
The rated, listed, taxable, non-cumulative, redeemable NCDs were issued at a coupon rate of 7.30 percent per annum on private placement basis, it said.
The tenure of the instrument is three years from the deemed date of allotment of June 17, 2020 with coupon rate fixed at 5.9 percent, Grasim Industries said in a regulatory filing.
The company said it has undertaken cost rationalisation and various cost control measures related to sales and marketing, manpower, rentals and others to minimise the impact of the pandemic on business.
In this regard, the auto major will hold a meeting of its duly constituted committee of the board on May 20, 2020, it added.
"The Committee of directors today approved allotment of 10,000 unsecured, rated, listed, redeemable, NCDs of face value Rs 10,00,000 each, for cash aggregating to Rs 1,000 crore, to identified investors on private placement basis..." the company said in a BSE filing.
The tenure of the instrument is two years and 364 days from the deemed date of allotment, it said. The deemed date of maturity of debentures is April 28, 2023, the company added.
The issue opens on January 9 and is scheduled to close by February 4.
Even secured NCDs offered by some NBFCs have left investors high and dry
Nod to raise up to Rs 500 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
The base size of the issue was Rs 500 crore, with an option of retaining oversubscription of up to Rs 4500 crore.
Rating agency CRISIL has given ‘AA/Stable’ rating to the IIFL’s debt instrument. The NCDs will be listed on BSE and NSE.
Vedanta has said it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs).
This is the sixteenth tranche of NCDs of having a face value of Rs 10 lakh each, Indiabulls Housing Finance said in a BSE filing.
Indiabulls Housing Finance today said it has allotted non-convertible debentures (NCDs) worth Rs 1,000 crore on private placement basis.
Indian companies have so far raised funds close to Rs 29,000 crore by issuing non-convertible debentures (NCDs) to retail investors in the current fiscal to meet their business requirements.
Welspun Renewables Energy (WREPL), its wholly-owned step down subsidiary successfully issued non-convertible debentures of face value of Rs. 10 lakh each, aggregating to Rs. 1,200 crore on a private placement basis.
The offer received bids for 11,69,217 NCDs against the total base size of 20 lakh NCDs worth Rs 200 crore, garnering a subscription of 58 per cent, according to the latest update available with National Stock Exchange (NSE).
Tata group hospitality firm Indian Hotels Company Ltd (IHCL) today said it has raised Rs 495 crore by issuing non-convertible debentures (NCDs) on private placement basis.
Idea raised Rs 1,500 crore on December 13 and Rs 1,000 crore on January 4 through issue of debentures on private placement.
The company at its meeting held on December 26, approved the proposed issue of listed, secured, rated, redeemable non-convertible debentures (NCDs).