Balrampur Chini Mills said that its board has approved the private allotment of 14,000 non-convertible debentures (NCDs) to HDFC Bank, aggregating to Rs 140 crore.
In a regulatory filing made with the bourses, the sugar maker said that the executive committee of the board at its meeting held on Monday (27 February 2023), has approved the allotment of 14,000 senior, unlisted, secured, rated, redeemable, non-convertible debentures having face value of Rs 1 lakh each aggregating to Rs 140 crore, on a private placement basis, to HDFC Bank Limited, having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400013.
The announcement was made after trading hours yesterday.
Balrampur Chini Mills is one of the largest sugar producers in India. The operations of the company are forward integrated, manufacturing alcohol (using molasses, a byproduct of sugar) and power (using cogeneration from bagasse, another byproduct of sugar manufacturing).
The company's consolidated net profit declined 27.82% to Rs 46.29 crore on a 19.06% fall in sales to Rs 981.16 crore in Q3 FY23 over Q3 FY22.
The scrip shed 0.84% to currently trade at Rs 355.95 on the BSE. It had traded in the range of 355.95 and 355.95 so far during the day.
In the past one year, the stock has declined by 8.28% while the benchmark Sensex has risen by 5.34% during the same period.
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