Summary of Key Information:
Reporting Period (Quarter/Year): Not Applicable
Nature of Filing / Announcement: Outcome of Board Meeting - Approval for Issue of Non-Convertible Debentures
Audit Opinion:
Not Specified
Key Financial Highlights:
Not Specified
Corporate Actions:
The Board of Directors has approved the issuance and offer of Non-Convertible Debentures (NCDs) on a private placement basis for an aggregate amount not exceeding ₹75 Crores (Rupees Seventy-Five Crores Only).
Key terms of the first tranche:
- Proposed Subscriber: INRE FUND II
- Type of Instrument: Plain Vanilla Debentures
- Total Size: INR 28 Crores
- Tenure: 366 days from the date of allotment of the Tranche 1 CDs
- Coupon Rate: 20% per annum, payable on redemption of the NCDs
- Mode of Issue: Dematerialized form
- Listing Status: Unlisted
- Security: A first-ranking exclusive mortgage over the Bhiwandi Land, free from all encumbrances, in favour of the Debenture Trustee for the benefit of the Subscriber shall be created and perfected at the option of the Subscriber
Other Significant Information:
The NCD issuance is part of the monetization plan of the land owned by the Company. The Board meeting was still continuing at the time of this filing, with remaining items of the agenda being considered.