 "Dhani Services to launch Rs 300 crore public issue of bonds on Tuesday")
Dhani Services, formerly Indiabulls Ventures, will launch its Rs 300 crore fundraise programme through a public issue of bonds on Tuesday.
The non-convertible debenture (NCD) issue has a base size of Rs 150 crore with an option to retain oversubscription of up to Rs 150 crore, aggregating to Rs 300 crore.
Dhani Loans and Services announces the public issue of secured, redeemable, NCDs of face value of Rs 1,000 each, it said in a release on Monday.
The issue opens on January 4, 2022 and closes on January 27, 2022 with an option of early closure or extension.
"Net proceeds of the issue will be utilized for the purpose of onward lending, financing, and for repayment of principal and interest of existing borrowings of the company (at least 75 per cent) - and the rest (up to 25 per cent) for general corporate purposes," Dhani said.
The NCDs will have a tenure of 370 days, 24 months and 36 months.
Also Read
The effective yield for the bond holders for all categories is 10 per cent for 370 days, 10.5 per cent for 24 months and up to 11 per cent for 36 months maturity.
The NCDs, proposed to be listed on BSE, have been rated IVR AA/stable outlook by Infomerics Valuation and Rating.
Dhani Services stock closed at Rs 161.55 on BSE, down by 2.12 per cent from previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)